alas, I have been telling you all for months about this crew ,the piss- poor mgmt and where our money ( S/H's funds ) will go.
I'm happy to see some others are now seeing what's happening and what's not happening to CFE/IGC and GFE and watching the cash disappear.
This how the game is played ....
1... get a group of mates (there's about 6 of them)to float various mining companies.
2... become cross directors (definately no strangers or qualified ethical board members).
3... drag out lots of fees,expenses,cars,options and free shares to the max.
4... put out info on the great prospects etc etc
5... keep talking up the share price.
6... invest or place loans off-shore with more talk of great prospects... the money trail oseas is hard to follow or trace easily.... also, do the leases actually exist- anyone going to fly oseas to verify them ? ... NO !!!
7... talk up drilling work oseas and prelim. results looking good ... big $ can be got rid of with drilling needs
8... pass out commissions and loans to your mates and to their failing companies.
9... raise more capital by selling more shares and options to explore more good prospects.
10... award yourself and mates more higher fees,options and shares (easy to do as your mates are directors,so all benefit- hard to do with ethical mgmt and corp governance).
11... trade the shit out of your shares as ASX/ASIC are too busy to notice.
Conclusion ..... make big $ at S/H's expense and prance around like a prat as a big shot and living off your S/H's.
Only difference between CFE and GFE closing share price is ... CFE has $ in the bank and some asset, GFE is nearly broke and been pillaged by admin fees,dir. expenses and dir. fees/cars, and has no assets and no future !!
Don't worry about those small conv note loans to those broke companies, they can be written off as bad debts (just like ANZ Bank did last week)... I'd be more worried where the 2 loans for $15+ ml and $12+ml went !!!! Christ knows who the "unlisted entity" was (or who) and why and where and if it will come back ?? Will probably finish up like the IGC loan of $2.15 ml to Mick of many names (Exchange Minerals) in Dubai... 2 1/2 yrs ago and due to be fully re-paid + interest by 31/12/08..... NOT PAID !!!
Gut feeling says that many more $$'s to go down this path.
Watch for loan going out to new director/mate's company, Monitor Energy, another 4c loser stock going broke ! Also past dir of Jackson .. failed and merged using CFE loan money.
What great credentials to be one our directors( mind you , they all have interesting backgrounds and past lives ).
No accountability, no ethics, no corporate governance, piss poor share prices and management.
Never mind , we can always go to the soccer and possibly see 'the man'Anyone needing further tips than above points 1-11, call our 'associate' Frank Timis,as he now employs Tim Johnston (formerly of Firepower fuel additive fame)as a consultant.Maybe he can take over the Marampa project and make it a winner for us, at least on paper.We are certainly associated with some colourful people.
As said before, eventually the bell tolls for all and eventually a holiday down the river will given to all those involved.
Regards to all and let's hope for a share price revival.
JRB
CFE Price at posting:
25.5¢ Sentiment: Hold Disclosure: Held
(20min delay)