writ against brett matich , page-2

Geary was a Director of AGU, GPN and YRR. During his time all 3 companies were massively diluted through corporate transactions involving the acquisition of mainly worthless ground for huge sums of shares. From Feb 2007 to July 2008 aproximately $70m worth of scrip in total was given away to shareholders in Dean Scook related private companies. Most of the tenements have since been surrendered.

Here's some examples of the dilution during Geary's time.

GPN - April 2004 320m - End 2007 1b (yes 1,000,000,000)

YRR - Feb 2007 57.5m (at time of listing) - End 2007 189m

AGU - Aug 2007 50m (at time of listing) - July 2008 149m

The above includes only shares issued directly to Scook related companies. Between 60 -70% of each company was given away in these deals.

The Peak Hill ground vended into GPN (now PDY) back in 2004 was the first dilutionary deal involving Scook and the board of the time, (including Geary) and cost GPN 450m shares taking their shares on issue from 320m to 770m and effectively giving control to the crooks (google Dean Scook). The land was promoted for its ability to host up to 10 deposits containing at least 250,000 oz each of gold. There was virtually no trace of any gold but the results took months to be released and ensured many of the free shares were dumped on the unsuspecting market who were anticipating positive results after a bullish comment by the Chairman.

Ironically some of the tenements have since been found to possibly contain a huge iron ore deposit and PDY hold some of the best ground in the Peak Hill area. I believe most of the initial interest in the fe potential was mainly as a result of research of historical results by a long term PDY shareholder (vautex) in late 2007 or early 2008. No real thanks to Geary & Co.

The only good thing he ever did for any of the companies was resign.

Having once been a shareholder of AEX myself and seen how the Directors stuffed the company, I reckon Geary will fit in quite nicely. But then again by picking a company that is already damaged he may try to restore his tarnished reputation by actually making a difference.

Either way I won't ever invest in a company in which he is involved. In fact earlier this year I lodged a complaint with ASIC regarding Geary and the boards invovled in AGU, GPN & YRR during their reign. I am still waiting on a definitive answer from ASIC.