Hi Everyone - I'm a pissed off Steppes investor too. i can say though that I have no doubt the Company is legit - if they just wanted to take our money they would have disappeared a long time ago. I've also met and am in contact with the key people from Steppes Management. Its important to remember that the reason behind the different entities being listed in the BVI and Cayman islands is for tax reasons - the Head Offices are in London, Sydney and Dubai. Thats why the audited accounts have no cash - they are for the holding Company (Cayman, Ireland etc)- not the operating Company's.
I have seen a draft prospectus as well - it actually exists.
I dont think making complaints will do anything - it will just distract. I dont just want my money back - i want the huge uplift in value thats been promoted - I want something to show for m y money after all this time. I invested in May 2015.
I really think the reason for the delays in listing is that management and the Board is not highly motivated to get a listing happening. They dont need a capital raise for funds and there are 400 or so shareholders of which most of us are the minority.
Now is the time to start making noise as the accounts are now completed and there is nothing holding back the lodging of the prospectus and listing except getting it ready. By all accounts the thing should be lodged in janaury.
I would highly recommend that we all send daily or weekly emails to David Sutton in Australia, your broker or whoever your contacts are for Steppes and the email info addresses on the Steppes websites.
The other thing we can do is start up a private group email address that we can all share details, find other shareholders and start a joint letter signed by everyone.
