How to become rich, in short formAt the example of ZYL Limited!
What happened if?
Any similarities are purely coincidental!
- You have money and find a company with good assets.
- Then you buy enough shares so that you can replace the Board of Directors.
https://www.proactiveinvestors.com/companies/news/42599/zyl-limited-appoints-yuzheng-xie-as-new-chairman-42599.html
- Then you invest your money via loan in the best projects of the company
https://www.proactiveinvestors.com.au/companies/news/54207/zyl-limited-receives-further-funding-extension-from-prestige-glory-54207.html
- Then you spent no more money into the company and some times later you appoint a voluntary administrator.
AND:
Jan 7
* ZYL Limited appoints voluntary administrator
* Says following the appointment of an administrator, Ascent and Prestige will propose a deed of company arrangement
* Ascent will provide interim loans to the administrator and company to complete the recapitalisation
* Recapitalised through 100 for 1 share consolidation and subsequent placement of 115m new fully paid ordinary shares at $0.01 per new share
* Says minerva corporate will co-ordinate the recapitalisation
* South African mining assets, other than the Kangwane South Project, being transferred to Prestige
* Following recapitalisation, the company's board expects that the company will focus on its kangwane south project
* Source text for Eikon ID:nASX3l99Vy
https://www.africanbondmarkets.org/en/news-events/article/brief-zyl-limited-says-appointed-voluntary-administrator-68808/
A little bit later you leave the BoD, the company is suspended from ASX and you get the best assets of the company for little money.
2 actors in this drama are known:
Yuzheng Xie:
• Chairman ZYL Ltd (Non-Executive) from11/04/2013 to 23/02/2015
• Extensive steel material marketing and trading
• Junior mining companies – project finance & capitalisation
• Representative of major shareholder:Prestige Glory (“PG”)
and the Executive Director of ZYL from 20/12/2013to 23/02/2015
was: Stephen Woods
Well done guys!!! - (If that was the plan from the beginning)
When not, my condolences!!
And the best is: All this is probably legal.