GCN 0.00% 0.7¢ goconnect limited

ssi & gcn

  1. 3,325 Posts.
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    Anyone considering GCN as a good bet should look at the reduction of substancial shareholding notice posted by SSI ( or one of their subsidiaries ) recently .

    SSI actually created GCN and floated the stock off at an outrageous price and with approx 260 odd million shares on issue , most of which were retained by SSI.

    SSI is the only company who produces research on GCN ( hardly surprising considering they own most of the stock ) - and Mr Li the MD of SSI is also the chairman of SSI , and puts his name to the exciting announcements GCN make . About the only asset SSI has is its holding in GCN , which I believe is so overvalued that its crazy.

    GCN continues to burn dollars whilst it makes more announcements regarding its rosey future . Presumably GCN is kept a float by loans from the SSI group.

    From the notice it looks like SSI sold some 7 million odd GCN shares ....... SSI has little in the way of income , other than what it might raise by flogging off GCN shares . So guess where the dollars come from to keep GCN going .....?

    There is nothing illegal in this however given GCN's track record of almost no revenue, despite numerouse bullish announcements one might wonder how long the charade can continue.
 
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