In the world of foggy dealings, this one affects hapless GCN holders of the preposterous Priority One Network (P1) shares.
For those who don't remember, GCN offered free P1 shares to those who held a minimum of 50,000 GCN shares. What happened? People bought GCN shares to qualify for the issue of what has turned out to be worthless P1 shares.
This 2013 article penetrates some of the fog surrounding P1:
Now the company KTL Technologies (ASX code KTL, but suspended since 1914) has just announced that Centurion Securities & Investment Services acquired 148,600,000 of KTL shares.
How did Centurion pay KTL for these shares? With 5 million P1 shares.
Yet in April KTL announced it was going to acquire 100% of Priority One Network shares.
I can't believe that only 5 million P1 shares are on issue.
Have any P1 share holders had any communication from KTL or P1?
GCN Price at posting:
0.8¢ Sentiment: Sell Disclosure: Not Held
