As we all understand to date;
McGrath Nicol (MN) is selling the shell of ResGen and rubbing their hands of ResGen assets to avoid the work.
GCS (Global corporate solutions) in SA are what I class as bottom feeders, and are selling the assets to their mates.
What we need to do is ask questions of valuations that we have all based our purchases on...so who is being dishonest?
ResGen, SRK valuers, GCS, Noble or the management in the way they did not attempt to run with a small scale or like. i.e. Management were happy to watch it fail?
Here is my latest letter to MN; Maybe you can all add some pressure as well.Hello All,
Could you confirm you have received this email?, given the silence for 3 weeks?
I have attached SRK valuation – refer to page 68-69, as shareholders that we were told from a third party (independent valuers), one year prior suspension. Could I havean understanding to ensure net cash is returned to shareholders, as the valuation clearly notes a value that would be in excess of US$150M, and givencurrent inflation climate, valuations would be much higher.
I haveyet to receive a response from MN or GCS in regard to the way this will beappropriately managed?
Or do I conclude the valuation is either inaccurate or a scam?
I am still in astonishment that MN can also pass on responsibility of selling allassets to GCS, and have no power to control the outcome of the sale. The factthat we are an ASX listed company owning a majority stake in the assets that are to be sold, suggests we are regulated under Australian jurisdiction. Washing ones hands for ease of operation and convenience is how this is currentlybeing perceived by interested parties. An ASX listed company has guidelines that they must adhere, and buying assets in another jurisdiction does not exempt them from the law. Could this also be explained.
Pleasenote: the email address MN supplied for GCS does not return message it bounces and also the phone diverts to what sounds like someone on the street.
SRK and BDO report released to mkt 03032020 - valuations.pdf
