The date of the Waiver, 3rd August means that the rights issue was in the planning stages at least 1 month prior which coincides with Jamie Cullen's resignation and makes sense. No director could be associated with such an UNFAIR rights issue particularly when it was being done just to provide working capital for a company already in production.
However this make one wonder whether also Squadron Resources upon hearing about the right issue through Jamie Cullen had to pull out of negotiations with CTL as they also could not be associated with a company that were prepared to do this to their shareholders.
We were all surprised at the last minute withdrawal of Squadron from the negotiations and this would answer that question.
After what has transpired this year shareholders must demand that the Board step down immediately and an independent administrator look into events as there has been too much dishonesty and deception and if we were deceived and missed out on Squadron Resources being a shareholder due to this abhorrent rights issue then action must be taken to rectify things.
We have not heard from the company in a long time which only makes the appointment of an external administrator even more necessary so that these questions can be addressed and shareholders informed
CTL Price at posting:
0.9¢ Sentiment: None Disclosure: Held
