Comments on: Shareholders attack Cityview’s ‘dirty tricks’ http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/ now with extra source Sun, 22 Nov 2009 03:31:01 +1100 http://wordpress.org/?v=2.8.6 hourly 1 By: Rik http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8042 Rik Thu, 01 Jan 1970 10:00:00 +0000 #comment-8042 I feel CVI has a lot to answer for and share price has dropped by half again since the publish date of this article. Smyth clearly is a complete rogue no promise he has made seems to stick promise after promise year after year, everything he says should be researched rather than taken as a verbal. Every asset should be questioned and true title established. Every plant and company structure should be independently verified for accuracy. His lips flap and make a sound nothing seems to stand up. Major institutions that have recently purchase these shares are selling out quickly and at loss - why?? Research is the key to sound investment advice.<br /><br />Whilst all stocks have been hit hard recently it is clear CVI is not liquid and still hasn’t hit bottom. They use pictures of equipment they don’t own and will never own, they lay claim to titles that aren’t in their name. Their game is to swindle share holders out of their investment money not to actually build or develop any assets. One need only to look at the amount of dilution they have created in the last year alone. Money from sophisticated investors never seems to be accounted for properly it is given away to companies that then are released to associated parties for no transfer of asset or value to shareholders and no independent auditors will verify their claims.<br /><br />When you read stories from CVI about liquidity and you look at the chart of recent action you see it is liquid and the plug has been pulled so clearly your liquidity is only going one way – away from you, down the drain. Check the performance on charts.<br /><br />Trends follow trends – those who wish to be rich in a day will be poor in a week.<br /><br />Stay away but good luck – all of the above is my opinion only. Research, research, research. <br /> I feel CVI has a lot to answer for and share price has dropped by half again since the publish date of this article. Smyth clearly is a complete rogue no promise he has made seems to stick promise after promise year after year, everything he says should be researched rather than taken as a verbal. Every asset should be questioned and true title established. Every plant and company structure should be independently verified for accuracy. His lips flap and make a sound nothing seems to stand up. Major institutions that have recently purchase these shares are selling out quickly and at loss - why?? Research is the key to sound investment advice.

Whilst all stocks have been hit hard recently it is clear CVI is not liquid and still hasn’t hit bottom. They use pictures of equipment they don’t own and will never own, they lay claim to titles that aren’t in their name. Their game is to swindle share holders out of their investment money not to actually build or develop any assets. One need only to look at the amount of dilution they have created in the last year alone. Money from sophisticated investors never seems to be accounted for properly it is given away to companies that then are released to associated parties for no transfer of asset or value to shareholders and no independent auditors will verify their claims.

When you read stories from CVI about liquidity and you look at the chart of recent action you see it is liquid and the plug has been pulled so clearly your liquidity is only going one way – away from you, down the drain. Check the performance on charts.

Trends follow trends – those who wish to be rich in a day will be poor in a week.

Stay away but good luck – all of the above is my opinion only. Research, research, research.

]]> By: Bozwell http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8043 Bozwell Thu, 01 Jan 1970 10:00:00 +0000 #comment-8043 Carlita,<br />One can only say that your arguements look a little insubstantial<br />when compared with those of the collective, and your syntax little better.<br />Of course English may not be your native language, so good on you for having a go.<br /> In fact, encore, encore! Carlita,
One can only say that your arguements look a little insubstantial
when compared with those of the collective, and your syntax little better.
Of course English may not be your native language, so good on you for having a go.
In fact, encore, encore!

]]> By: Bozwell http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8044 Bozwell Thu, 01 Jan 1970 10:00:00 +0000 #comment-8044 I am one of the Shareholders Collective,<br />For further background,go to http://www.cvi-shareholders.org/jms ,and also follow the link to http://public-exhibition.zoomshare.com/1.html.<br />Some rich pickings there for Investigative and research types,<br /> <br />I have investments in speculative stocks, and only have myself to blame for losses.<br />However,CVI is an outstanding example of convoluted management ,and obfuscation.<br /><br />The Collective wants to instil transparency and value to the company, as notwithstanding the current world economic circumstances, it has , in my opinion been exceedingly poorly managed, wether by design or accident, the actions taken by us will ultimately determine.<br /><br />Bozwell I am one of the Shareholders Collective,
For further background,go to http://www.cvi-shareholders.org/jms ,and also follow the link to http://public-exhibition.zoomshare.com/1.html.
Some rich pickings there for Investigative and research types,

I have investments in speculative stocks, and only have myself to blame for losses.
However,CVI is an outstanding example of convoluted management ,and obfuscation.

The Collective wants to instil transparency and value to the company, as notwithstanding the current world economic circumstances, it has , in my opinion been exceedingly poorly managed, wether by design or accident, the actions taken by us will ultimately determine.

Bozwell

]]> By: Mal Keith http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8045 Mal Keith Thu, 01 Jan 1970 10:00:00 +0000 #comment-8045 Wow! Time more shareholders took up the challenge to show all the corporate cowboys out there that they've had enough.<br />These jockeys running public companies need tightener reigns. Someone needs to buy new teeth for hte regulators and step up the rules a bit. Perth people know the sleazy reputation pretty well, and where there's smoke, there's often fire, and where there's no fire, there's mirrors.<br />Go shareholders. He's going to stuff you with writing shares, had a look at it, but the media will watch him for you now, and you may be doing a great service to other spec comepany shareholders who own little but hot air. Good luck. Wow! Time more shareholders took up the challenge to show all the corporate cowboys out there that they’ve had enough.
These jockeys running public companies need tightener reigns. Someone needs to buy new teeth for hte regulators and step up the rules a bit. Perth people know the sleazy reputation pretty well, and where there’s smoke, there’s often fire, and where there’s no fire, there’s mirrors.
Go shareholders. He’s going to stuff you with writing shares, had a look at it, but the media will watch him for you now, and you may be doing a great service to other spec comepany shareholders who own little but hot air. Good luck.

]]> By: Independent http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8046 Independent Thu, 01 Jan 1970 10:00:00 +0000 #comment-8046 The current very organised and circumspect efforts of the Cityview Shareholders Action Group in demanding this imminent EGM deserves the highest praise.<br />It is high time company excutives, whatever the company, should realise that running a company is not a game for their own benefit, that any sich company is not their prsonal plaything, and that shareholders are actually the owners of the company, who are prefectly entitled to demand the highest standards of reporting, auditing, and clear explanations of "where has the money gone" or will be going.<br />This generalised pervasive disdain for shareholders and their subsequent financial welfare so evident with so many companies, large and small, has gone on for too long, as evidenced so clearly in the current world financial crisis. It is time for those who run any public company soliciting shareholders funds to be forced to be fiscally and transparentally accountable to those who have supplied such funds in may cases are so often carelessly "throw naround" to their own advantage, without feeling the need to explain their actions to their shareholder investors, whose views they seem to despise.. <br />By calling this Shareholder Action EGM in this particular case concerning CVI, investors are demanding transparency, and the truth with regard to the current standing of the company's future prospects.<br />Not an unreasonable request, surely. All we are asking is for the truth.<br /> The current very organised and circumspect efforts of the Cityview Shareholders Action Group in demanding this imminent EGM deserves the highest praise.
It is high time company excutives, whatever the company, should realise that running a company is not a game for their own benefit, that any sich company is not their prsonal plaything, and that shareholders are actually the owners of the company, who are prefectly entitled to demand the highest standards of reporting, auditing, and clear explanations of “where has the money gone” or will be going.
This generalised pervasive disdain for shareholders and their subsequent financial welfare so evident with so many companies, large and small, has gone on for too long, as evidenced so clearly in the current world financial crisis. It is time for those who run any public company soliciting shareholders funds to be forced to be fiscally and transparentally accountable to those who have supplied such funds in may cases are so often carelessly “throw naround” to their own advantage, without feeling the need to explain their actions to their shareholder investors, whose views they seem to despise..
By calling this Shareholder Action EGM in this particular case concerning CVI, investors are demanding transparency, and the truth with regard to the current standing of the company’s future prospects.
Not an unreasonable request, surely. All we are asking is for the truth.

]]> By: Steve Coughlan http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8047 Steve Coughlan Thu, 01 Jan 1970 10:00:00 +0000 #comment-8047 Mark Smyth is quoted above: "At the end of the day what matters is you do your work, the auditors come in and sign off and you move on." <br /> <br />In just one of many controversies with this company we know that $1.8 million was paid as a deposit for shares in Turnberry Resources, a company who allegedly held a Cameroon oil exploration license. It later turned out that another company owned this license and Turnberry's license had been cancelled months earlier:<br /> <br />On 28th June, 2008 the auditor BDO Kendalls stated: "We have not been provided with sufficient evidence to satisfy ourselves as the recoverability of this balance, nor have we been able to perform sufficient and appropriate other audit procedures"<br /> <br />Subsequently the $1.8 million was written off without comment, and BDO Kendalls were replaced as auditors. Cityview moved on.<br /><br />Here is a news article (with permission from the editor) on the "confusion". <br />African energy magazine Issue 124 • 19 October 2007 <br /> <br />“CityView’s claim to control the Matanda block has caused confusion in Yaoundé, where the national oil company says the licence will go to Glencore and Afex.<br />Cameroon’s Société Nationale des Hydrocarbures says it is negotiating with Glencore Exploration and Afex Global on a contract for the Matanda block, PH-72. <br />The block had been licensed to Turnberry Resources of Canada, but their permit was cancelled in January because they had carried out no work on the block. <br /> <br />Perth-based CityView Corporation says it has acquired a controlling interest in Turnberry, which it claims gives it rights to a 40% share the block, but Simon Tamfu, director of exploration at SNH, told African Energy he was puzzled by CityView's announcement. He said Glencore and Afex had emerged as preferred bidders when the block was retendered earlier this year. <br /> <br />“We don't know CityView,” he said. “We knew Turnberry but we cancelled their permit in January.” <br /> Mark Smyth is quoted above: “At the end of the day what matters is you do your work, the auditors come in and sign off and you move on.”

In just one of many controversies with this company we know that $1.8 million was paid as a deposit for shares in Turnberry Resources, a company who allegedly held a Cameroon oil exploration license. It later turned out that another company owned this license and Turnberry’s license had been cancelled months earlier:

On 28th June, 2008 the auditor BDO Kendalls stated: “We have not been provided with sufficient evidence to satisfy ourselves as the recoverability of this balance, nor have we been able to perform sufficient and appropriate other audit procedures”

Subsequently the $1.8 million was written off without comment, and BDO Kendalls were replaced as auditors. Cityview moved on.

Here is a news article (with permission from the editor) on the “confusion”.
African energy magazine Issue 124 • 19 October 2007

“CityView’s claim to control the Matanda block has caused confusion in Yaoundé, where the national oil company says the licence will go to Glencore and Afex.
Cameroon’s Société Nationale des Hydrocarbures says it is negotiating with Glencore Exploration and Afex Global on a contract for the Matanda block, PH-72.
The block had been licensed to Turnberry Resources of Canada, but their permit was cancelled in January because they had carried out no work on the block.

Perth-based CityView Corporation says it has acquired a controlling interest in Turnberry, which it claims gives it rights to a 40% share the block, but Simon Tamfu, director of exploration at SNH, told African Energy he was puzzled by CityView’s announcement. He said Glencore and Afex had emerged as preferred bidders when the block was retendered earlier this year.

“We don’t know CityView,” he said. “We knew Turnberry but we cancelled their permit in January.”

]]> By: Steve Coughlan http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8048 Steve Coughlan Thu, 01 Jan 1970 10:00:00 +0000 #comment-8048 African Energy Magazine article cont'd:<br /><br />"Asked about SNH’s comments, CityView denied this was the case. “The information is totally wrong, the president is investigating,” CityView chief executive Mark Smyth told African Energy. <br /> <br />According to Smyth, the other shareholders in PH-72 are the government of Cameroon and a company named African Business Group, both with 30%. Condensate was discovered on PH-72 (the former OLHP-3) in two wells drilled to a depth of 3,000 metres by Gulf Oil USA during the 1980s. <br /> <br />CityView said on 3 October that it had bought the rights to buy 100% of Petro Energy Africa, which it said was the beneficial owner of 57% of Turnberry Resources. It said that the controlling stake in Turnberry would give it operational control of the North Matanda oil field. But Tamfu said this was not the case. He said it was quite normal for licenseholders to bring in partners, but such arrangements would require government approval, and in any case Turnberry was no longer the PH-7 African Energy Magazine article cont’d:

“Asked about SNH’s comments, CityView denied this was the case. “The information is totally wrong, the president is investigating,” CityView chief executive Mark Smyth told African Energy.

According to Smyth, the other shareholders in PH-72 are the government of Cameroon and a company named African Business Group, both with 30%. Condensate was discovered on PH-72 (the former OLHP-3) in two wells drilled to a depth of 3,000 metres by Gulf Oil USA during the 1980s.

CityView said on 3 October that it had bought the rights to buy 100% of Petro Energy Africa, which it said was the beneficial owner of 57% of Turnberry Resources. It said that the controlling stake in Turnberry would give it operational control of the North Matanda oil field. But Tamfu said this was not the case. He said it was quite normal for licenseholders to bring in partners, but such arrangements would require government approval, and in any case Turnberry was no longer the PH-7

]]> By: Carlita http://www.crikey.com.au/2009/01/07/shareholders-attack-cityviews-dirty-tricks/#comment-8049 Carlita Thu, 01 Jan 1970 10:00:00 +0000 #comment-8049 I'm a shareholder of Cityview but, I decided to not be part of the Shareholders Collective. I find quite disturbing the way some of the members go about on share forums and put down a company on times where RIO TINTO is a 5th of it's share price ! We've finally got a proper team set up with Manuel, got interest from Nigeria with our refinery and people out there wants to run the company as they think ? Contacts is everything my dad always said. We've got it. Now, let's go thru this horrible economic times and when we are at the end of the tunnel, commodities will surge first than any other industry as shut downs are taking over every industry, commodities will be in demand. <br />We will be on top once again and all mining stocks will be winners.<br /><br />Now, stop your anger about this company and take in your own decisions on your investments.<br />I want this company to succeed in the future and I am sick of all the doom and glooms of the media lately not to say about all these people trying to destroy the company and also trying to capitalise getting into the board.<br /><br />All my regards,<br /><br />Carla I’m a shareholder of Cityview but, I decided to not be part of the Shareholders Collective. I find quite disturbing the way some of the members go about on share forums and put down a company on times where RIO TINTO is a 5th of it’s share price ! We’ve finally got a proper team set up with Manuel, got interest from Nigeria with our refinery and people out there wants to run the company as they think ? Contacts is everything my dad always said. We’ve got it. Now, let’s go thru this horrible economic times and when we are at the end of the tunnel, commodities will surge first than any other industry as shut downs are taking over every industry, commodities will be in demand.
We will be on top once again and all mining stocks will be winners.

Now, stop your anger about this company and take in your own decisions on your investments.
I want this company to succeed in the future and I am sick of all the doom and glooms of the media lately not to say about all these people trying to destroy the company and also trying to capitalise getting into the board.

All my regards,

Carla

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