Where is ASIC?

Time for shareholders to start calling ASIC now and complaining. The more complaints the better. The message is simple:

1. A group of investors representing over 5% of the issues shares in the company have put a plan forward to change the board, meet compliance and attempt to save the company. They have an aim to get the company up and trading again on the ASX as soon as possible. The company directors being Ms Xue Dongping and Ms Guo Siying currently seem to be making it difficult for a meeting to be called where shareholders get to vote. They seem to be stalling the process while the company continues to do nothing.

2. The current board of Ms Xue Dongping and Ms Guo Siying does not appear to be acting in the best interests of share holders and should be immediately replaced and investigated by the regulator.

3. The company has not announced the resignations of Mr Bataa Tumur-Ochir or Mr David Huang. This seems to have occurred months ago.

4. The company has not announced the resignation of its company secretary. This seems to have occurred months ago.

5. The company does not appear to have a registered address in Australia. The address on the current ASX release does not appear to be the companies address.

6. The company does not appear to have a website. The website on the current ASX release does not appear to work.

7. The company does not appear to have a phone contact. The phone contact on the current ASX release does not appear to work.

8. The company does not seem to have any resident directors.

9. The company only has two directors who are based in China.

10. The company has not communicated or presented a plan to shareholders to get the company running again.

11. The company could possibly be trading whilst insolvent. The company continues to accrue costs in Mongolia with no cash in the bank and no visible plan to raise money. 

12. The company does not seem to have been filing any of their statutory reports.

After reading the above it should be pretty clear that Ms Xue Dongping and Ms Guo Siying need to go before this company reaches a point of no return. Both Ms Xue Dongping and Ms Guo Siying seem to be SAM appointed directors and I would also suggest that the regulator should seize all of SAMs shares until this matter is investigated and resolved.