Who says I assert GT did a deal with anyone ? Many thoughts cross one's mind during the twists and turns of the event procession but I dont think "private deals" were done by anyone cos they wouldnt be that stupid. But thats for regulators to delve into.
Interesting tho that one un-named major creditor reportedly asserted foul play ... according to what the chairman indicated in early part of meet. I logged on late and missed it, so someone who attended can verify.
HNC saw the opportunity presented and seized it within what our Oz regulations allow ... thats a gripe, the fact that they allow. And I dont know how the term "inducement" is defined these days ... very POLITICAL in this case. All done "legally" of course. Priority now is to look beyond for fair solutions.
HNC are doing whats right for them. No-one can argue. Our boys were more recently naiive on two big counts IMO ... first to think HNC WOULDNT seize any opportunity presented, and second, to elect to start paying Cornell with SHARES instead of cash in hand ... cos THAT started the share price death spiral to dig us deep in the mud. And even after seeing the disastrous effects of first tranche, they continued paying in shares compounding the problem.
If there wasnt enough cash in the kitty to pay the 2 mill per month, they should have gone straight to SHAREHOLDERS, hat in hand with full status disclosure! They should have asked us! They didn't. Game over! Opinion.
The 439A did not have the depth in response required to answer the legal opinions submitted? Reckon FH will be doing bit more homework now to earn their pay as DA.
Re Raptor idea ... if its bits have ZILCH value assigned (independent valuation pre EGM) and some (shareholders) are prepared to pay some fair value cash for it, why wouldnt HNC consider ... espesh if it can same time quarantine a politically "sensitive" PROSCRIBED material ... part of a DOCA ammendment ? Might be a face save all round if able to fly.
WE are in unprecedented times which have caught many companies without proactive strategies in place, fatally unprepared. My gripe again ... Ozzie corporate laws seem inadequate / inflexible to cope with these times and politicos aren't acting fast enough IMO to make the necessary changes to cope. How about min 50% ozzie-owned for starters? And what a farce here of the "proscribed material" laws (?)
Murphy's Law in full flight ....... we missed spotting the submerged iceberg and the rest quickly compounded.
Opinions as always and always trying to think outside the square. Good to see educated posts on what/how can be done.
IMBOOC
PS Copper at US 2.17 when I last looked and we have a plant capable of producing 2 + million bucks / month sitting idle ? And we also need that Cobalt circuit operating asap otherwise as has been said, we will be diluted ongoing to zilch or firesold for peanuts and zilch return to us.
So what next FH ? Love to see the minutes of the meet first.
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
