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Andash sold!! Now concentrating on Jervois project. This will get hammered once the suspension is lifted.

 

$15M is 10c per share. How much is owed for Murchison? What will the market value Jervois at? I think we are looking at a value of between 10c and 15c when it re-lists.

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Posted over the road:

 

"There has been another meeting of Creditors (7th May). Not looking so bright.

Interesting the comments about Jervois now being the Saving Grace. Tunes have changed since Andash was the shining light, and to get Jervois off the ground will take a lot of investment, and I believe credibility may be a bit shakey in the current masters of the ship.

Have a chat with some of the staff who have lost a lot, and the creditors who look to get 4.5 cents/$1 (if they are lucky), and see what their thoughts are of the Kentor Gold people.

A lot of good people got hurt by these guys, and not just investors."

 

 

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"Hi SJW

 

Contrary to all the announcements put out to the ASX, the real reason for the suspension of the company is that it has not lodged its annual accounts for 2012. nor will it be re-listed until it lodges the accounts.

 

If you don't believe me call the ASX and ask them.

 

So much for our ability to generate tax losses for 2012.

 

Thank you KGL. Thank you ASX and ASIC.

 

Pear"

I can confirm this as fact. The company have not lodged their reports therefore they cannot come out of suspension. A very poor state of affairs for shareholders. Shareholders should have the ability to trade....even if it means the shares trade at circa 12c (which is all they are worth IMO).

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This company will be left with some cash and Jervois. What a sad state of affairs. I asked a broker today what he thought they would trade at when they re-list. Sub 10c was his assessment.

I thought a tad higher but perhaps I'm not being harsh enough in this gold climate?

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Depends if the $15mil Andash sale goes ahead. And if they use any of it to save Murchison or if they cut that entity loose.

 

Just the cash would be ~11c then any value for Jervois and the Geothermal play.

 

I would think it's a buy if it falls below cash backing, but having said that, it will depend on the assets and management changes. Costs need to be trimmed or $15mil cash becomes $12mil, then $8mil, then before you know it they have no cash backing. So 10c is possible. Maybe even likely with the remaining assets. But they are suspended and have time on their side. I'd hope they relist and announce a new project all in one announcement.

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Hi Melua

 

Thanks for confirming my posting on the real reason for the suspension.

 

The ASX and ASIC are the lap dogs of Directors rather than the watch dogs.

 

Under the ASX listing, the granting of the original trading halt due to the pending announcement of the financing arrangement was B.S. A trading halt under the rules is given when the halt is necessary if there is information the market is unaware of. The search for finance was well known to the market.

The subsequent suspension is pure B.S. also. Listing rule 17.1 says that there has to be a reason for the suspension and 17.2 says that there has to be a time to the suspension. We have not been given a reason for the suspension. What is there that the market in not aware of? According to the lap dogs at the ASX the term "suspended indefinitely" suffices for 17.2. These guys live in ga ga land.

In fact, the only thing the market is unaware of is that they have not lodged the accounts which is not only an offence under the ASX rules, it is also an offence against the ASIC rules. But instead of going after the Directors for not doing their duty, they go after the share holders who are already the victims.

 

And a pompous fool on this site had the temerity once to tell me that Australia had the best regulations in the world.

 

"Pear"

 

 

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Yes it seems that the company can delay filing the accounts beyond 30 June, therefore ensuring no KGL shareholder has the ability to sell out and claim a capital loss for this financial year.

It's a disgrace. I really feel for those still holding this stock. If/when is does re-list, it will be a blood bath. Jervois is too long term to be given any value by the market, therefore this will trade at around cash backing in my opinion (whatever that may be after the mess is finalised).

I also feel this management team has to go. They have zero credibility IMO.

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Don't think it really matters. When you lodge financials late, the ASX suspends you until you lodge the financials. So the current situation would still stand. We would still be suspended whichever excuse they used.

 

They were suspended on the 27th of March and the Yearly was due by end of March. So I think both excuses are valid, and they are just using the one that came first. It doesn't look like anything too sinister considering they have subsequently released a quarterly. We are still owed an annual report and the AGM too.

 

But I think they need to resolve Murchison first. How can they prepare the Full Year? Are we a going concern? Get an auditor to sign off on that? Are we even solvent? Line ball until the Andash sale settles in June?

 

If we prepare the full year on the basis that Andash has been sold and Murchison is in administration then we could relist. But we are basically just a shell. Maybe the market is informed as best it can be, so no excuse not to relist once the full year is released. But it's probably better to have a conclusion to the mess first. Their are people more informed than us about the administration process. Is it fair they have an advantage?

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