GSM sold off their vision to an ill prepared/performing management team that was chasing the next big thing....
They have mismanaged, squandered, delayed, pottered around with the OHD project to the point of borderline incompetence, engaged so called "expert consultants" and the end result is ...........
Failing all that, it appears that a hasty deal to appease shareholders, to circumvent the 249D, throw in a "placement" to recipients unknown (at more than half the price of the placement 10 weeks earlier) under the premise of funding Kopang, Morabisi and a review of the OHD, claiming to have enough cash backing for an acquisition as well as their projects is plainly flawed - yep the share price is where it is solely at King and Co's poor performance bidding.
All we need now is ASIC to actually take a look at the complaints lodged and do something, one can only hope some sort of action/investigation takes place.
As I said previously, the next Annual report to shareholders will make some interesting reading with the make up of the Top20 - not sure why you think that Bulesco got booted though, I wouldn't be at all surprised if Xcel Capital were the recipients of the latest "placement" hence his sudden resignation from the board avoiding having to submit an Appendix 3Y.......
I do note with humour that a 249D can be rejected (reason/s not disclosed) albeit maybe a technicality by the same person that can release a flawed announcement ......
ALL IMO only
cheers
GPP Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
(20min delay)