Sunday, 10 November 2013

ASIC vouches that Goconnect is not ramped

Goconnect (GCN.AX) is a zany company with a billion shares outstanding and a consistent string of losses every year. Having formed a partnership with the Jackson family, GCN has abandoned any semblance of sanity. Its 2013 annual report humorously reports operating losses of $2m, net current liabilities of $4m, and $915 cash in the bank. GCN now plans to raise more money using the Jackson name, to build hotels and run reality shows in China.

GCN suddenly ramped its share price 250% in a few days in October, doing what it does best, namely issuing and ramping shares. GCN follows the familiar pattern of manipulated ASX companies, the interminable jolty downward ride. As always, ASIC pretends to notice none of this, and in effect fully supports GCN's and other companies' right to commit securities fraud, protecting the criminals by its refusal to take any action.

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