The following is only an opinion but please read carefully as I have gone to a lot of trouble of putting it all together. And guys if you enjoy reading it and find it helps you make better decisions please give me positive rating thanks. Also if any remaining shareholder go to the agm on November 28th you might want to use this as a reference in helping you formulate targeted questions.
Begin................
The largest shareholder is 'The Chairman 1' and guess who's one of the largest shareholders of 'The Chairman 1' is??
Craig Ransley, co-founder of Guildford coal.
You can google him and do your own research.
But in my opinion he seems to have his fingers in in everything, he owns 'Resco Projects', heard of them??
http://www.mes.com.au/porthunter/keyper.html
Now look here at the middle right of page 2 of the September Quarterly Activities Report released on the 31/10/13. It reads "The results of the Springsure project JORC update may result in an indicated resource that may trigger a payment (in shares or cash) under the Share Purchase Agreement with Resco Projects Pty Ltd."
In my opinion these guys have been milking Guildford since they created it.
It takes a man to admit he's been wrong about something and I dare say that I am a man. One thing for sur I am definately cancelling my subscription the the AFR, seein that in my opinion they don't have the resources to join the dots of something 'big'.
Now look at the history on page right side of page 19 of the Annual Report to Shareholders (29/10/13)
»» On 22 July 2012, the Company released 200,000,000 ordinary shares from restrictions applied under a restricted security agreement. These shares were issued to TheChairmen1 Pty Ltd at listing as detailed in the IPO Replacement Prospectus dated 4 June 2010 and were subject to restriction for 24 months from the date of official quotation. »» On 3 August 2012, the Company issued 44,179,369 fully paid ordinary shares to TheChairmen1 Pty Ltd. The shares were issued as consideration for the payment of the success fee due to TheChairmen1 Pty Ltd under the terms of the management agreement between the Company and TheChairmen1 Pty Ltd dated 26 May 2010 (as amended on 20 July 2010). »» On 28 February 2013, the Company issued 74,000,000 fully paid ordinary shares to TheChairmen1 Pty Ltd. The shares were issued as consideration for the full and final payment of the success fee obligations under the terms of the management agreement between the Company and TheChairmen1 Pty Ltd dated 26 May 2010 (as amended on 20 July 2010).
Final consideration not, because the chairman in my opinion appears that he can't get enough of his beloved Guildford.
Even though he conveniently resigned as non executive director on the 7th May. And if you don't know why here is the link..
By the way here is the excerpt of article that appeared on the 27th of August in the AFR- ------------------------------------------------------------ Guildford Coal capital raise cause for concern
The main debate surrounds the ability of Guildford’s majority shareholder, Newcastle-based investment group The Chairmen 1 Pty, to fully participate in the raising.
Coal industry veteran James Chisholm was one of the founders of The Chairmen 1 Pty, which vended assets to Guildford Coal and became its largest shareholder.
Guildford Coal was listed in July 2010 and has since raised eyebrows over generous payments to its Chairmen 1 Pty founders.
In July 2012, a maiden 123.6 per cent indicated resource at its Hughenden project triggered a $20?million milestone payment to be paid out as about 40 million shares.
------------------------------------------------------------ There appear to be a lot of complicated dealings even from the very beginning in my opinion, like buying and selling to oneself through different mechanisms. Here's on from the 22/2/11 Read the link first then let me draw your attention towards the bottom of page 1.
Humanis, through a wholly owned subsidiary, ResCo Projects Pty Ltd (ResCo Projects), is to acquire a 49% equity interest in Springsure by acquisition from the equity interest of Springsure currently held by TheChairmen1 Pty Ltd (TheChairmen1) on the following basis;
------------------------------------------------------------ Please remember these are just my opinions based upon my limited understanding and in reading this you need to make your own personal conclusions. I do not in any way suggest any impropriety on behalf of MR Craig Ransley or the 'Chairman 1' and associates, I am merely trying to make an understanding based on publicly available reading to justify today's foreboding avalanche of selling. Someone in the market has got a heads up an once again us everyday shareholders are the mugs.
Good luck gentleman, I bid you goodbye, good-
GUF Price at posting:
8.3¢ Sentiment: LT Sell Disclosure: Not Held
