Maybe, I am an optimist but not giving up just yet. There are a number of issues that have surfaced recently not the least of which is the 19.2 million in debt to CMPL. The fact that debt doubles in the three months before VA is also of interest as it was completely unknown and undisclosed until the VA pointed it out.
In the circular to creditors dated 20/02/09 “the appointment of Receivers and Managers to the Companies by HNC has given HNC control over the operating companies for the Oxide, Sulphide and Exploration Joint Ventures….so enhancing any potential to move the operations toward a future positive cashflow position”.
The VA more or less admits the Compass directors were and are duds and could not produce a positive cashflow under any circumstances.
The battle has not even commenced as far as I am concerned. I am not prone to putting money time and energy into things I consider to be lost causes. And this is not a lost cause yet.
You can bet all the issues raised are on the table and the VA for his 200k a week had better be careful in what he proposes because more than just a few disenfranchised shareholders are watching and investigating. This whole issue goes to the heart of share trading. Take the equity from and run the company into the ground and in the mean time go globe trotting with overseas presentations.
There is an old saying - you can take a donkey all around the world but when you get it home its still a donkey.
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
