Maybe a little more time for our MD to refocus on PEN. Did a little digging around earlier. This is by NO MEANS a smear campaign on my behalf
Cady Energy Ltd, no longer going ahead with GRP-Corporation sale. Thie from an announcement dated Oct 21.
GRP Corporation Limited Level 2, Spectrum 100 Railway Road Subiaco WA 6008 Australia PH: 08 9367 8133 FX: 08 9367 8812 EM: [email protected] www.grpcorporation.com P a g e | 1 20 October 2011 GRP0C0R\ASX042 The Company Announcements Platform ASX Limited Company Announcements Office SYDNEY NSW 2000 Withdrawal of Prospectus The Company wishes to advise that effective immediately the Prospectus dated 8 July 2011 and the Replacement Prospectus dated 22 July 2011 are being withdrawn as the Company is not in a position to complete the capital raising and achieve the important dates with regards re-listing. Application funds received under the Prospectus Offer will be returned.
Also from the earlier GRP prospectus:
COMPANY AND PROJECT OVERVIEW 4.1 Background The Company listed on ASX on 21 March 2003 with its main focus being property development. The Company has been suspended from trading on ASX since May 2008. The Company does not currently hold any significant assets. Pursuant to a Share Sale Agreement (as summarised in Section 10.1, upon successful completion of the Offer, the Company will acquire 100% of the issued capital of Cady Energy which, through its wholly owned subsidiary Cady Energy US Inc, has an exclusive right to acquire 100% of the Hanging Woman Project, a coal bed methane project in the Powder River Basin, Sheridan County, Wyoming, USA. On completion of the Acquisition, the Company will be renamed “Cady Energy Limited” and Cady Energy Pty Ltd will be renamed “Cady Energy (No.1) Pty Ltd. Cady Energy Limited Cady Energy (No.1) Pty Ltd Cady Energy US Inc Hanging Woman Project * Figure 1: Company Structure on completion of the Acquisition Note: * Reference to “Cady Energy Limited” above is a reference to GRP Corporation Limited. Cady Energy is an Australian company based in Perth which is focused on the acquisition and subsequent commercial development of the Hanging Woman Project. Cady Energy US Inc holds the exclusive rights to purchase a 100% interest in the Project from Kennedy Oil pursuant to the Kennedy Oil Agreement (as summarised in Section 10.2). The strategic objectives of the Company are to increase Shareholder value by acquiring and advancing the Hanging Woman Project toward commercial production and growing the Project area through acquisition or lease of further land or projects as and when they become available.
PROPOSED DIRECTORS Mr John (Gus) Simpson – Proposed Non- Executive Chairman Mr J Simpson has over 20 years of experience in the management of listed and unlisted companies with international operations. He is currently Executive Chairman of Peninsula Energy Limited, a Wyoming focused energy developer, and he has extensive experience in project development and equity funding within the resources industry. Mr J Simpson Previously held positions include Executive Chairman of Etchell Capital Pty Ltd, Olea Australis Limited and Executive Director of Tanganyika Gold Limited, Panorama Resources NL. Mr J Simpson brings an extensive range of corporate and commercial expertise to the company.
Mr Anthony Simpson – Proposed Non-Executive Director Mr A Simpson has over 40 years experience in the resources industry in various senior management, technical and operational positions. He is currently Chief Operating Officer of Peninsula Energy Limited. Prior to joining Peninsula Mr Simpson was Chief Operating Officer of TSX listed GBS Gold international Inc from 2006 to 2008. Mr A Simpson was also Technical Director of PMA/Vanadium Australia Pty Ltd from 1997 to 2004. In addition to his extensive practical, commercial and operational experience Mr A Simpson holds a B.Sc.Mining Engineering (Honours) from Cardiff University in Wales.
Proposed Directors’ Disclosure regarding Previous Directorships Mr J Simpson was a director of Australian Mineral Sands NL that went into administration in 1993, Leisure and Gaming Corporation Ltd that went into administration in 2001, Gindalbie Mining NL that went into administration in 1991. Leisure and Gaming went into administration following the Federal Government’s banning of online gaming and Gindalbie Mining NL went into member voluntary administration (it was solvent at the time), it spun out its only asset to Wattle Gully Gold Mines (shareholder received shares in Wattle Gully as consideration) The Directors and other non-associated Proposed Directors have considered the above circumstances surrounding Mr J Simpson’s involvement in Leisure and Gaming Corporation Ltd and Gindalbie Mining NL, and the significant period of time which has passed since his involvement in Australian Mineral Sands NL, and are of the view that Mr J Simpson’s involvement in these companies in no way impacts on his appointment and contribution as a Proposed Director of the Company. Mr A Simpson was a director of the following group of companies: Burnside Operations Pty Ltd, E-Auction Australasia Pty Ltd, Excor Resources Pty Ltd, GBS Gold Australia Pty Ltd, GBS Gold Australia (Tom's Gully) Pty Ltd, GBS Gold Australia (Land Holdings) Pty Ltd, GBS Gold Holdings Pty Ltd, Northern Gold Pty Ltd, Terra Gold Mining Pty Ltd, Terra Metals Pty Ltd, Territory Goldfields Pty Ltd, Camelot Northern Territory PL and Buffalo Creek Mines PL (together, the GBS Group). The GBS Group went into administration in September 2008 when the Canadian parent company of the GBS Group (GBS) was unable to raise either equity or borrow money to meet its operating needs. The directors of GBS were concerned not to permit the GBS Group to continue to trade and to avoid the risk of insolvent trading. This was at the height of the onset of the global financial crisis (GFC) and during this period, the GBS Group was also impacted by an unfavourable movement in the exchange rate between the AUD and the USD, which affected the prices the GBS Group received for gold sold. Other events at the GBS Group mines also had an adverse impact on revenues that was expected to be of a relatively short duration. All of these factors (adverse exchange rates, events causing a short term drop in production and increased costs and the inability to raise funds at the time of the onset of the GFC) coincided. The Directors and other non-associated Proposed Directors have considered the circumstances surrounding Mr A Simpson’s involvement in these companies and are of the view that Mr A Simpson’s involvement with those companies in no way impacts on his appointment and contribution as a Proposed Director of the Company.
A google search of 'Cady Energy US Inc' shows the contact as Anthony James Simpson, with their activities in Wyoming being:
CLEANING AND MAINTENANCE Incorporated: 07/2011; Cleaning and Maintenance, Cleaning and maintenance services including business, homes, windows, properties.
PEN Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
(20min delay)