What Village is doing is a clear indication of how directors can lie about the real value of a company and rip people off legally. This presentation: http://www.villagemainreef.co.za/ir/f/Village-Lesego-Investor-Presentation-Nov2012.pdf give the impression that Lesego has a NPV of R6.7bn, also mentioned on youtube videos, and the lates is that the NPV is now R700m. How can companies be alloud to misrepresent information that is crucial to make investment decisions? The company carried on and bought Blyvooruitzight and Continental coal that cost Village R270m. Who benefitted from these deals? Do we have clever people running the company to ruins. Is this acceptable corporate governance under the King report? The other problem is if you only own a couple of hundred thousand shares your hands are off, because there are a billion shares in issue and your say only forms a small part. I think the management of this company must explain their mismanagement.
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