I have just got off the phone to one of the gentlemen involved in the 249D.
"Huston....we have a problem".
He was quite disappointed in the response from shareholders to the 249D, given our precarious position and given they spent quite a bit of their own money setting it up. Ho noted how quick SAM and management were to respond when it came to "outing" them all, versus how tardy they were when responding to the ASX regarding their corporate governance. Bottom line is, they have treated all minor shareholders with contempt. The advice/suggestion is that as many of us minority holders as possible, lodge a complaint with the regulator. He said that ASIC and the regulators are more likely to go into bat for the little guy.
It's important that this is done ASAP for should this extend beyond June, we find ourselves in a much deeper hole. New rules come into play as of then. If we stay delisted for long enough, WOF becomes suspended....never to return.
If anyone's wondering about Bataa in all of this, he's as mad as hell. He was one of the main drivers behind the 249D and the line of communication he and the others had was through SAM's law firm. If you go back to the response SAM made as to why we shouldn't vote for the new guys, you'll notice it came from a law firm. At least now, we too (and ASIC) have a way of making contact.
Apparently our Mongolian asset is excellent according to local industry experts and definitely well worth fighting for.
If anyone has contact to Matthew Wood, apparently he's our great white hope. He has good connections to Mongolia and if anyone can possibly turn this around, then he can.
Did I conclude my discussion with any great confidence? Not really, but what I did glean is just how important it is for all of us to act fast while we still have a sliver of hope. If WOF becomes permanently delisted, it's likely we'll never see those amazing assets ever again.
WOF Price at posting:
1.1¢ Sentiment: None Disclosure: Held
