igc become a shell company, page-12

Hi SS and Powerball,

Absolutely agreed with both of you, IMO the whole issue is the management gang up with the outside company (NKP) to work out a scheme to take advantage of all the shareholder of IGC, that explained why the IGC management never want to be on the negotiation table to negotiate a better deal for the shareholder, all they are thinking is how to get the best out of this deal for themselve and shaft the shareholder and make us loss money. One thing worth to mention is that the way they announce the asset sales, the management is trying to mislead the shareholder that the sale is a done deal and pretend that they don't need any shareholder approval on this deal, by doing so, if no one raise the question on shareholder approval, the deal will slip thru quietly and that is what the IGC management and NKP want and shareholder of IGC will suffer big loss. Lucky I decided to chase up this matter immediately (both with IGC and ASX) even IGC didn't give me an answer, I straightaway call ASX and lanch my formal complaint with ASX and let them deal with IGC, at the end, the pressure is on the IGC management and they have to comply with the ASX listing rule and get shareholder approval on this.

As I said, I will not allow the IGC management to get away with this so easily because their original intention is to shaft all the shareholder and get a good deal for themselve. The management is suppose to work for the best interest of the company and they are getting huge pay for doing the job, instead what did they do, they are getting huge amount of direct fee and still want to shaft the company and its shareholder to the bottom of the ocean, I reckon this is a big mistake they made and I believed in "What go around will come around" and eventually they are going to pay for it dearly.

As a shareholder, we have some of our hard earn money to loss in this deal but as the IGC management, TS and other director like TT and PL also have their reputation to protect. If we allow them to get away with this misconduct, all of them will laugh all their way to the bank and withdraw all our money as they wish like a ATM machine. I think they have more to loss in this case, because they are in control of a group of company, if they failed in this, it 'll be like a domino effect and they'll fall one after the other. I am sure that some of the shareholder of CFE and GFE is not happy with them and want to get rid of those dodgy people ASAP!

I don't think they 'll get enough support for this deal to go thru unless the share controlled by them and their mate is actually more that half of the share issued. Even this is the case, we still have the option to pursue this to the ASIC and let the law to deal with them.

I suggest all the shareholder who suffered badly in this IGC investment get themselve together to vote "NO" in this and if we can get the number, we can get rid of the management and let IGC have a better chance to return its true value to the shareholder. I still reckon the 15% SA platinum mine is a world class asset and is surrounded by some huge reserve platinum mine by Anglo. They are trying to sell us short on this deal!

I would like to see as many reply as possible to raise your voice and opinion on this, if you are a shareholder, please reply this post and say "NO" to the vote. I am sure the someone from the company is closely monitor this post. If we are not helping ourselve on this, no one will help us. Lets get together and show them what is our view on this, the more the response on this, more they'll scare us!

Hope we can get out of this mess unharm or at least suffer minimum loss! Afterall those money are our hard earn money that we invested!

Ray
Ray