Should receive news soon EGM was supposed to be held on October 30th. I'm still astounded by Lion Selection not accepting any of the offers I'm sure they received last year for their 20% stake. Goes to show that the so called professionals don't have a clue.
Not to mention the decision to unwind their nickel hedge at $7 a pound before the price nickel price hit $4 low . They could have just raised extra funds via an equity raising at between $3-$4 a share instead of issuing 135,615,385 shares at 5.2c and a further 323,076,923 convertible notes to Jinchuan at 6.5c a piece.
400 million shares at $3-$4 would have raised $1.2- $1.6 billion enough to eliminate all debt, provide plenty of working capital and acquire the share of African Energy's 70% share of the Uranium project rather than having to be in position to sell it for peanuts. The thing that gets me is the issuing of 10 million warrants at an exercise of price 9c to the senior lenders as a reward for helping put the company into administration and onselling the debt to Jinchuan.
But what really really gets me is how on earth someone can trade the shares on London Stock Exchange when it is supposed to suspended ?????
http://www.londonstockexchange.com/exchange/prices-and-news/stocks/summary/company-summary.html?fourWayKey=AU000000ALB8VGGBXAIM
If that last trade in June is indicative of the relisting price then
18c* 345 million shares on issue= $62.1 million mc compared
to the high of $5.10 * 160 million = $816 million mc
before dilution of shareholders ownership.
RECKON THE MANAGEMENT OWE IT'S SHAREHOLDERS $753.9 MILLION
FOR SHEER INCOMPETENCE.... THANKS DALE "PASS THE BUCK" ROGERS
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