If you feel that you have the basis to lodge a complaint to ASIC or ASX, here are the links to their websites
ASX -
https://www.asx.com.au/forms/customerFeedback.html#/reportmisconduct
ASIC -
https://asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/
I have lodged complaints on the basis that the ASX listed reports showed RES had net underlying assets of approx 150M. Despite this, RES seem to be getting sold for nothing and with no oversight from anyone in Australia. The documentation supplied to gain australian investment in RES on the ASX was either false / misleading, the australian shareholders have been scammed or simple apathy from McGrath Nichol is allowing the sale of a valuable asset at next to nothing so that they can tick a box and move on. The sale of the assets of the ASX listed company does not seem to be following any oversight or the reports that everyone here used to invest their hard earned money were misleading or worse.
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 recieved the bulk of their money back or a profit when the assets were liquidated. If RES succeeded, there would have been signficant profit. Simple fundamental investment.
Currently it appears that the sale of the assets is being handled by an overseas liquidator (Genesis Corporate Solution -
http://gcs-sa.co.za/) - and there is no control by an Australian entity that can ensure a fair sale of the assets. RES was valued as an undeveloped mine with contracts in place at approx 150M in 2020. Coal prices have increased since then and it should be worth more. It appears that the mine with all contracts still in place will be sold off for fractions of its value.
Currently, Australian shareholders will get nothing as the asset appears to be getting sold for next to nothing in South Africa and none of that will ever come back to Australian shareholders.
The apparent events of the past 12 months set a dangerous precedent for abusing australian shareholders on the ASX when the assets of an ASX listed company are not within the control of Australian ASX rules.
No one is working in the interest of the Australian shareholders. In someone elses comments. This whole saga feels very "unaustralian"
