If proper accounting and auditing procedures were implemented and adhered to as prescribed in the 2007 prospectus the company would most likely be in a stronger financial position and the negligent expendiature and high overheads would have been adressed at the appropriate time when it was evident to all parties involved before the company came to the stark realisation that we only have 200,000 left in funding which was effectively the last straw before Graham was unanimously voted out by shareholders so our current position is a direct reflection of poor judgement and lack of intervention by associated parties at a critical time when high expendiature and other financial irregularities were left to proceed under the observation of Roy Payne Peter Smith and to a lesser extent the Investors at Prema Capital who held a very close relationship and could have been fully aware of the rapid financial deterioration and excercise of poor and or incompetent geologic judgement which was a critical factor in funding arrangements and or allocation of capital and this situation was left to unfold whilst the overheads were exponetially increasing with no satisfactory drilling results or even an indication of a small scale minerals project that could assist the company in realising a small scale revenue stream and this situation was evidently apparant under the watchful eye of Payne Smith and Prema Capital and whilst I hate harping on about the past our current shoestring position comes as a direct consequence of the inability to intervene and the role of the auditors to recognise and adress the situation before it got out of hand and thats where we are today . You should consider yourself fortunate that a significant shareholder has preseted himself as a solution to the funding issue because everyone else seems to be asleep on the job but what else would you expect.
GLM Price at posting:
1.5¢ Sentiment: None Disclosure: Not Held
