Been pointing this out for 3 or 4 years now, Marlo2015. People don't want to hear what they don't want to hear. The BoD raised £11m so could have purchased the option, in which case the mines would be in production now and sharehlders would be rich. Instead, the money went on directors' salaries, legal fees and £1.5m of "administrative costs" - rather a lot for pencils and toner. In the meantime, the BoD turned down an offer of independent arbitration and have steadfastly refused to admit to shareholders that they didn't exercise the option. The conflicting judgements are because, under British law if you hand something over in expectation of payment and don't get paid, you have to go to court to get it back. In Mozambique law, if you don't pay it can be taken back. That's a bit simplistic but broadly sums up the situation.
I still don't understand the conflicting judgments in the UK and Mozambique. But how can IMM or Pathfinder own the shares in CMdN when they have never paid for them? They spent the first couple of years raising 100k just to purchase an option that they never exercised and the pricetag for the CMnD shares was 10m USD... Anyone?
I think we have around 4/5 weeks to get this sorted after that the mix courts go into recess again for 3 months, I think if that happens then the directors will have just about bled us try of all cash on their wages.
I think the directors need to take a hefty pay cut of 50-75% until this is resolved I just can't see what they are doing on a daily basis to justify continuous payments
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