tension building

. not sure if anyone else has noticed it, suffice to say that watso can feel the tension building. the tension is so pervasive, that watso can actually touch it - that is how solid it is

one week to go to a for a general meeting - the details as follows

The Celtic Club
48 Ord Street
West Perth, Western Australia
DATE & TIME
11.00am on 20 March 2009

where shareholders will be asked to vote on a number of resolutions. no doubt that the proxies are being sent in , by the truckload, and debbie is working flat out, collating all the proxies. of course, apart from the proxies, there will be massive shareholder interest, and one would expect a big turnout - maybe as much as 100 shareholders might attend the meeting. watso asks the question, will two packets of tim tams be enough to humour the shareholde, who will take the time to attendr????

ok - resolution 3 is an interesting one. it seems that the company wants to place 26m shares at 1c (with attached options). most of these (15m) seem to be going to the directors, which could be a good thing. watso is not sure how it all works, but the issue of shares need to be approved by shareholders, so it could well be that the participants could be free to pull out at any point in time. as far as the directors are concerned, then the amount that they are offering to put in, is very minor, compared to what they collect in fees - so maybe they will proceed with accepting the shares - but how about the other 11m investors ( punters)??

resolution 5, seeks approval for the issue of 50m shares at 80% of the average of the previous 5 days trading. there certainly has not been much trading, and but it could be that on that basis, the company might place shares at about .7c (if they can find brave , and foolhardy, punters to take up the issue) - which would raise about $350,000 at todays prices - but take a note of the following

"It is intended that part of, or the entire Further Placement will be made pursuant to a prospectus or an offer information statement and offered to investors (including the
general public) and shareholders. In this case, shareholders will be given a priority
invitation to subscribe for shares in the placement or part placement. "

exciting days ahead, as the company scrounges around, to scrape up a few dollars. if watso was a shareholer, he would start a "save gondwana" campaign - - an in the spirit, watso would hold about 10 garage sales, and donate all the proceeds to gda (so that the company can keep on providing a company car, for those people who need it). mmm are donations to gda considered to be donations to a charity ? that would be a real bonus