Hodges to possibly be renamed Abysinian Gold

Well, your companies directors & 'legends of Australian business' - or even more 'international business legends' have indicated their intent to get shareholders to vote on a change of name. But this may be the easy part because, they have indicated that Hodges may not be able to continue unless they raise more capital. It is hard to decipher what they have actually been doing for the last few years. But alas they have managed to use up the vast majority of the over one million dollars they had last year. But it doesn't specify how? They report that at financial year-end they only have 150,000 left and that they will need to raise capital in 2020 if Hodges is to continue as a going concern. it seems Hodges has used 730,000 this year - leaving just 145,000 in the bank - or probably a lot less now. So you can just see the brokers of the world Hartley's etc generating interest in this outfit.
It would seem they went to Africa & got skimmed. They also intend to divest interest their interest in the
Salman South & Mame gold projects in Ghana. No mention of the mineral Sands venture in New Zealand?
In the 2019 financial year, it seems HGD's only income was $2,579 in interest . In the year Hodges lost $ 391, 565. A bit hard to say, but they may have used $350,000 each year over the last two years. Anyway, they got very little left. No doubt this will be of no surprise to many shareholders.
They state that in June 2020 there will be a legal determination in Botswana, over the 1,500, 000 claimed as still owing. Well, let's see how that goes!. I don't know how the company will survive until June 2020.
It seems there are only 4 people on the board. An indication of expertise is gained by noting My Bryan Dixon, is also a joint-managing director of that esteemed listed company Kazaly Resources. it is noted he was managing director of Blackham Resources but was possibly shuffled out so that BLK could stitch-up another capital raising from shareholders. numerous short term borrowing used to keep the company afloat were paid back using shareholders funds. BLK has never made a profit & basically still exists because of shareholder capital raisings- I think the last one was at one cent. Last time i looked they had over 3 billion shares. The shares have gone from 50 cents to one cent presently.
No details are provided of the Abyssinian gold venture.
My two cents are that I think it likely, the company will cease to exist when the funds are exhausted - which could be any time now.
Please check all this information, as I have only had a cursory look at the Annual Report I received today, as it was far too depressing to dwell on. Let us just see what our astute directors come up with next, I need a good laugh. DYOR