Answers to some of the questions
Details of your report............Shares and markets
Tell us a bit more etc.........................Shares being traded on stock exchange
Public company
An organisation
Centennial Mining Ltd 50149308921
Address Unit 1 10 Mary St Como WA 6152
Ph 08 93892111
Fax 08 93892119
Brief description As it is a drop down box you can give them quite a bit of info
Main points
Planning a massively diluting capital raising that has been designed to be very unattractive to existing shareholders so that family and associates of the 2 directors can obtain a large quantity of shares at a greatly reduced price. A non renounceable 5 for 2 rights issue at .4 c raising a maximum of $10.4m and another 2.5 BILLION shares ...quite unbelievable and massively diluting. The shares are currently in suspension and at .9cents. No intention to raise that much money but needed to arrange it so that shares would be cheap and the quantity of shares available to associates would be very high hence resulting in them owning a much larger percentage of the company
Company have spent negligently and recklessly ($16m ) in last 6 months to bring company deliberately to this point. Auditor highlighted concerns over $2.5 note but company apparently made no provision for it . Company have been carrying debt in normal trading but have suddenly decided to wipe debt clean so that that can do a massive capital raising knowing that very few will participate as most shareholders do not trust them and cost of participation is so high. Whole thing has been planned.
Please everyone contact ASIC
CTL Price at posting:
0.9¢ Sentiment: None Disclosure: Held
