AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

I had a quick look at the annual report. Uninspiring, as I'd thought it would be. The auditors didn't feel that they could pass an opinion on the books, not enough questions answered. No funds raised, but the directors did see fit to stump up $10,000 each (all in, lads!) for which they'll receive shares. One of the Drybread/Gunclub/McAdies landowners has sued for $300k damages to his property, in December 2014. We hear about this now? Typical.

Another comment towards the rear of the MDA:

On 1 April 2015, the Company announced an intention to restructure the Company by means of two transactions, being the sale of the Company's gold assets and a change of business by means of a Reverse Takeover of a phosphate company. The planning of these transactions is at an early stage and subject to a number of conditions. There is no certainty that these transactions will be concluded.

The failure to conclude these transactions could result in the collapse and/or bankruptcy of the

Company.

Can a publicly listed company go belly-up? $400k odd has been dropped off the overdue debt loading somehow, maybe some creditors have written their debts off. No detail about if Newmont/OGC can just take over the JV permit shares in exchange for payment.