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28/07/15
12:52
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Originally posted by Metalduster
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I don't know how I could have sold my holdings based on what was told to me/(Holders) by AGS but without you answering the questions I'll put to you how I perceived the position of my holdings with the information I could get from time to time from the Directors and released announcements from AGS.
Firstly AGS took out Legal Action to get the return of 75% when we were heading to Production, meaning the asset was real and complete imo, the Directors individually gave indications about the M&D C and as well, said, there were no guarantees though with the outcome.
All along the way as I attended AGMs and Presentations the Managing Director indicated that we would always have the 25% if the M&D C Matter wasn't successful (that's documented).
That took me through to June 2014 when the M&D C Matter was withdrawn. Up to then I didn't see how I could lose the value of my holdings(long term) if AGS lost because the backstop was always 25% of a real asset in Production, admittedly, the time frame for appreciation of the Shareprice was pushed out because of the Japan disaster.
Then in the months later from June 2014 the Reduction Process was announced because of AGS's Cash position, with, as the Directors claimed, disputes over the defining of the areas involved for the Reduction Process. imo
According to our Directors, if I read it right, they claim we at the least could make a Cash call in December 2015 and continue with 15% in the MDA (4me/4mw) and still maintain a 25% interest outside that area.(best Case scenario or with draw after 12yrs) imo Still a meaningfull asset(ACE)
Along the way we received Resource estimate updates to further enhance the reality of the Project . imo
Also in the period from June 2014 AGS announced the possible Sale of ACE through Deloitte following an RCR Report paid for by AGS which I also took into consideration.
With all of the above I accumulated where I could, not in the belief of reducing my average but in the belief that the asset(ACE) was worth it considering again that the long term gain would be coming if a sale was not. Out of interest my average price is .195c (900thousand shares) AGS has 400m shares so a Sale price of 200m plus which I believe is minimum value would have brought 50c a share value for my holdings in AGS!
Now we have the Directors selling ACE for the Mined uranium thus far and a possible 20-30m Cash for the rest of ACE's share of Four Mile. imo (Approximate figures only as I'm not that interested in the crap involved with this offer)
No doubt, John Dunlop and the other Directors have done the sums.!
With the three trips to AGMs and attending two presentations I believed I made an informed decision with my holdings from the information provided by the Directors of the Company.
If anyone believes I should have dismissed the information provided by the Directors of AGS then tell me at what time, based on what ?
Basicly it comes down to whether or not the real situation involving ACE is known particularly with this Reduction Process in place?! but that adds to my argument of why I did not sell prior. imo
I know for the last four years I still maintain my credibility with my holdings. imo
Good Luck All
Md
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Hi MD
I think many shareholders would have a similar rationale to yours to have maintained and/or averaged down their position in AGS over the longer term, myself included.
I believe my biggest mistake was not recognizing the risk that a predatory partner could inflict upon us by virtue, (or lack thereof), of them having control of our asset.
Everyone knew Heathgate/Quaser had 75% of the pie, but I for one did not fathom their intentions and the ability to legally get away away with screwing us for the remaining 25%.
My lesson...never hand over control of one's assets to a partner. Worst case scenario, AGS should have maintained 51% and we would not be in the position we are today.
I think there should be some accountability for what HG/Q they have done to AGS shareholders and I'd love to see a forensic journalist put a story into mainstream media that tells of the misery inflected upon cheated shareholder's versus the morally impaired greed of big business after buck at any expense.