GCM needs change of direction before it’s too late .16 Apr 2023 13:14
I’ve been an investor in GCM for over 7 years and have a substantial holding but unfortunately not only believe the company is going nowhere but that the company and the shareholders holdings are being used by Tang to take control of GCM. I am becoming increasingly sure he only has his own interests at heart and has a total disregard for us the shareholders.
In march 2021 we raised £2,130,000 . The wage bill for directors comes to £581,140, Tang taking more than half of that for himself at £330,000 a year. Which leaves £1,554,872 and yet we are told that we only have enough funds to last till June , so where has all the money gone .
Last year we paid Dyani £75,000 in shares and they now own 15.5%of the company. For what ? Who are Dyani ? What have the actually accomplished to deserve there 15%. It is my firm believe they are controlled by Tang and was set up by tang to gain more control of GCM.
We also paid DG Infratech £180,000. 4,363,636 shares , For what ? What have they done , again tang will more than likely control their vote , just more diluting of our shares .
At present 38.6% of shares are not in public hands and tang actually owns zero personal shares in GCM despite having a net worth of over £14 million dollars but probably controls the vote on most of the 38% . If we assume the need to raise another 2 million this time round that will be a 50% dilution to all of our holding but more importantly polo might be the only way to raise funds which will give tang full control of GCM. And we all no how that ended up for there shareholders where he proved he has a complete disregard for them.
I unfortunately don’t believe approval will ever be given to GCM or any English company for that matter. They simply can not be seen to be giving the Crown Jewels away to the west. I don’t think it’s a case of they won’t give approval , more a case of they won’t give US approval . I would like to see a different approach with maybe a joint venture with power china giving them 50% and they pay for mining , Power China have done huge projects in Bangladesh and must have a direct line to the right people or even a joint venture with Bangladesh themselves, giving them 50% would almost certainly get us approval and would allow them to save face with there own people.The coal at present has a value of nearly $300billion , 50% of that would be amazing , even to sell the licence to power China or back to Bangladesh for £1 per share would only be £180 million. I would be more than happy with either of them options than let tang take full control after next funding.
Tang has had 10 years at the helm and it is time for a change, before the next fund raise while we still can so I urge all shareholders to write an email GCM demanding a Emergency General Meeting With the aim of removing Micheal Tang . WE NEED TO TAKE BACK CONTROL BEFORE IT IS TO LATE.
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