Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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It is clear they have no qualms about dilution, none whatsoever, obviously the RGM bulletin boards are full of the bashing community, the new incumbents knew this, what they had to do from day 1 was silence the bashing community with appropriate action to demonstrate things had changed.
Yesterday shows that nothing has changed, why oh why was Scott Kaintz not removed with Bell when they had the chance, it is rather ironic the formally larger TR1 holders of Regency are now silent as lambs, they have been royally shafted the same as new entrants who bought in assuming the company had turned the corner.
I would like to know how yesterday's deal is supposed to have added value, a dormant project, they even talk about the tin shacks being blown around in storms, in the middle of PNG where very few AIM juniors have succeeded. I am all ears for explanations !
Today's deal is ridiculous, had they simply stuck with Mambare and moved on with the Peaker Power Plants existing shareholders would have had a chance to recover some of their investment, the likes of Kaintz are rainbow chasers (just like Bell)
So to be seen to do something they have diluted existing shareholders by over one third at the balmy price of .80p - what a complete joke.
The major shareholders here had a perfect chance to remove Kaintz and bring in a new and non controversial management team, instead they decided to keep Kaintz and bring in entities that have very tarnished reputations, to say the least.
Looking at this new 'project' it is been in a comatose state for an age on care and maintenance to boot, nothing exciting at all, a dormant project. It was valued in 2009 at a range A$200m to A$700m but the owners are valued at around £1.25m on the ASX.
I wonder what RMI will say tonight on the ASX, something along the lines that our debt has been bought by a lifestyle British management team and a load of mug investors who have been royally shafted against their will.
That's all it is ! One minute Rgm sell their debt ! Then buy someone else's debt ! There comes a point when yellow and red cards should be issued by the regulator !