GTP 0.00% 12.0¢ great southern limited

the real deal

  1. 4 Posts.
    A carefull evaluation of the real position of Great Southern should be considered by all before they vote.

    A cynic might think that the directors are acting on the bankers orders.

    Just think, the company has substantial debts, backed by large tracts of real property.If the banks say sell the property, what happens is that at present, the real estate is highly encumbered and hence can only be sold as such, i.e at vastly lower prices than shown on the balance sheet.

    So the company tries to convert everyone into shareholders to free up the real estate asset, then the properties can be sold, the banks re paid, the net assets backing the new enlarged issued shares would be vastly reduced, the shares go totally throught he floor and everyone gets shafted, with the exception of the shareholders who have sold out prior to these current actions.

    I bet the ASIC will have a close look at this whole sad episode
 
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