There is no way the shares are going to be worth 30 cents on a few lead mining leases giving us a 100 million Cap. There are gold mining companies already in production worth about that , and thats pouring 75,000 ounces of gold a year now. NST for example .
There has been a misprint for sure. That hasnt stopped ex director Julie Glanville ringing around major shareholders recently, asking them to vote the curent proposal in plugging it as a great deal. 30 cents she says.. you cant lose. Oh and she is telling the people there is nothing in it for her . Not true really is that Julie.. I mean if the company doesnt go into liquidation, no more research into the paperwork . Your bullsh#@ charge to ETH for $30,000 for consultancy fees post suspension go through and of course you end up with a part share in Allegra.
Ken is currently showing a few people around in Zambia (suspected to be Pager) in his Green 4x4 , stayed at the Mukuba Hotel in Ndola recently .Accompanied by 3 lads of which I have Christian names
The VA Oct 26 Reoprt to Creditors states...The balance sheet as of 30/06/2011 also detail Allegra has a net deficiency of $825,281. We have only been able to source limited documents for Allegra and as a result are unable to confirm the accuracy of the information recovered. In fact we hold strong reservations about its completenesss and accuracy .".. they go on to say....." we do not believe the management accounts represents a true financial position of Allegra. They would investigate further but only in a liquidation role.
For me, this whole Pager deal on the table now with creditor proxies overturning the VA recommendation of the proposal (Ascent) , that the creditors are quite possibly doing back room deals with Pager with them all really looking toward Allegra as the prize , soon to be out of our hands. The lead leases are just the scraps and it this all just was to keep the share out of liquidation, not have shareholders best interests in mind.
Ascent , ( VA #1 proposal) should they still be interested , will ask investors to put in more money to average down, but 70 % of the existing and new shares will stay with existing shareholders instead of 20%. More money will be raised giving Ascent a war chest to aquire cash flow. Seriously guys,..... the current proposal has no cash flow so excess $ soon gone in wages and expenses. Who will want to buy this share to make the price go up??
I know some people just want some return back as soon as possible but the current deal has such limited upside , it seems pointless. We are likely to be just chumps to be asked for more money to keep the share alive and the directors in work..again.
ETH is likely to come back worth just one cent , if that, with no real plan to be able to move up in price from there. I personally think its better to reject it and get something back on the table less shady, with no benefit of Allegra to the creditors who are already being paid what they are owed, in some case more than they are owed. Why should they get Allegra as well as some naff claims for consultency fees.
You beloved ex director Ken dumped a huge parcel of shares shortly before this share became insolvent, I have complained to ASIC , (ASX dont handle that) , he is now in Zambia still quite literally wearing an Allegra work shirt and calling himself director of that company. Julie worked hard to get Pager on the DOCA and it turns out she will benefit with Allegra being handed to her on a plate with the other creditors.
We only get one shot at this.. please read the Ascent proposal and vote with your head. A new proposal will not take as much time as the last.
ETH Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held