Time to expose some truths, page-40

https://www.fsca.co.za/Customers/Pages/Complaints-Compliments-Feedback.aspx

Direct link for complaints;

Some information for all to copy/paste submit is below; cut and paste a small section as the FSCA allows only 2000 charactors.

I have lodged this complaint on the basis that the ASX listed reports showed the company Resource Generation Limited (RES) had net underlying assets of circa US$200M based on mid-range view from SRK and also reported by BDO. This is what shareholders are led to believe is the value of the asset, and under no circumstances had directors suggested this was not the case.

Despite this, RES administrators (Australian -McGrath Nicol) have washed their hands of responsibility of our assets, and we understand our assets are being heavily discounted and with no oversight from anyone in Australia. Refer also historic (recent) sales in the region, coupled with professional valuations supplied to shareholders as a mean to coerce shareholders.

I have evidence these assets of ResGen were being sold by GCS prior to the close out of the official DOCA. i.e. GCS closed expressions of interest domestically and internationally prior to any party knowing the DOCA was not successful, therefore not providing the sale of the asset with any genuine intent or ‘fair and reasonable’ expectations to any perspective/ potential purchaser.

I allege the documentation supplied to gain Australian investment in RES, or to stop shareholders selling down shares (coercion) on the ASX was either false or misleading. The Australian shareholders have been misled and combined with apathetic behaviour from McGrath Nichol (MN) is allowing the sale of an asset, so that MN can tick a box and move on (fulfill its business model with little to no real intent).

The sale of the assets of the ASX listed company does not follow any genuine oversight, whereby shareholders are bringing to the attention the happenings of ResGen in South African. The independent reports that everyone in Australia used to invest their hard-earned money were misleading.

I invested in RES on the basis that the net assets were above the share price. If RES failed, the assets should have been sold at a fair price and the shareholders should have received the bulk of their money in return or a profit when the assets were liquidated. If RES succeeded, there would have been significant profit-allowing for risk as contracts were in palce. Simple fundamental investment.

I have also over my time, collated the events that have led to the demise of ResGen, and it pains me to say, that there is obvious minority shareholder oppression, whereby the larger shareholders being Noble, PIC, and IDC (no shareholding but will benefit) have railroaded/ orchestrated a result for their own benefit.

I do appreciate investing comes with risks, but a purposeful and orchestrated failing only to resurrect the company in a different format to exclude Australia shareholders is not genuine risk. i.e. we Australian shareholders have contributed money for over a decade to support this project financially (rail, infrastructure, licenses, wages -shovel ready) only for it to fail in the concluding week that all conditions precedent were met. This is beyond what we call a coincidence, particularly when shareholders had been crying out for years previously in board letters to establish a small scall project to ensure the company survived.

Please note; there were options to explore small scale that were ignored, and we allege they were ignored to allow the project to fail for the benefit of the incoming owner(s).

Currently it appears that the sale of the assets is being handled by an overseas liquidator (Genesis Corporate Solution (GCS) - http://gcs-sa.co.za/) - and there is no control by an Australian entity that can ensure a fair sale of the assets. We were made to believe by Australian administrators that have nonchalantly approached this sale (i.e. they by admission have only made one attempt to sell the asset in 6 months – being one article in the AFR in the first few weeks in an attempt to sell the shell (listing only), to capture their $300,000 fees only ( a clear MN business model that disregards assets of ResGen and shareholder value).

RES was valued as an undeveloped mine, (yet contracts, infrastructure are in place and shovel ready) at approx. US$200M in 2020. Coal prices have increased since then and so our expectation is the value has increased significantly. It appears that the mine with all contracts still in place will be sold off for fractions of its value and to a limited number of purchasers due to a fabrication of what I call a fair market sale.

Currently, information supplied by MN is Australian shareholders will receive no return, as the asset appears to be getting sold for an inadequate portion of its value.

The apparent events of the past 12 months set a dangerous precedent for abusing Australian shareholders investing in companies on the ASX when the assets of an ASX listed company are not within the control of Australian ASX rules.

I query what regulations and rules an international asset follows based on the fact that major ownership is Australian domiciled (76% owned by ResGen). Further the remaining 24% ownership is owned by Fairy Wings Trading (FWT) that did not buy these shares, but took a loan from RES, effectively meaning ResGen owns 100% of the asset. No one is working in the interest of the Australian shareholders, and this sets a dangerous path for all international companies that wish to fleece Australian shareholders. MN suggested shareholders overseas had a genuine interest of which we find this incongruent to the money paid for the shares by Australian shareholders and loan to FWT.

Please also review the Foreign Reviews takeover panel in 2015 to ensure you capture the history and relationship between IDC, PIC and Noble (It was proven they were related parties). Please note; since that time shareholders also allege further collusion and illegal selling of shares by PIC at the time of funding negotiations.

We can also make connections between ESKOM, Stefunutti (contractor), Lurco (who attempted to skittle the sales process), coupled with the aforementioned groups in the paragraph above.

I own shares in RES on the ASX. RES owns shares in the Ledjaja coal mine. this is the primary asset of RES. The Australian liquidators are saying they have no control over the sale of the asset of Ledjaja coal as it is based in South Africa. It can be sold in South Africa for 50c if the directors of Ledjaja coal agree to this.

This means that any international asset owned by an ASX listed company does not fall under Australian rules or ethics. I then hope and trust that South Africa has a fair due process in place and that the South African liquidators (GCS) have my best interest in place. Yet, based on all we know and understand, this process to date has been unprofessional, nonexistent, and lacked any communication. i.e. GCS will not return any response, and this was also confirmed by Mcgrath Nicol that have had the same issues.

So, on that basis, I invested in an ASX share in good faith, yet the company I own shares in has zero control over their primary asset, of which by rights they own 100%.

I formally request that all assets be frozen until an independent third party can adjudicate on the alleged corruption, collusion, misrepresentations, negligence of directors and oppression of minority shareholders by majority shareholders.

Shareholders have written dossier that can evidence the alleged breach and this evidence can also be found on the ResGen registers as many formal complaints have been made over the past 5 years to support our claim.