insolvency/in financial difficulty 101 asic, page-6

Paps i agree with you there...its a good junket for Directors...

just grabbed a few stats from yahoo finance...and added this financial year....mind you this is just CCC...

FY12 $48M LOSS
FY11 $45M LOSS
FY10 $23.2M LOSS

3 YEAR TOTAL OF $116.2M LOSS to Share Holders....and this is on the back of RB Coal price up over $100 in the last 18 mths....and record PRODUCTION on the two cash flow POSITIVE mines??

The impairment alone in regards to Project X, Vaalblank, Lemoenfontein was $20M this year, worth more than the market cap...and the other doozer was the $10.5M Royalty Expense...where the holders had no idea it was of this MATERIAL nature...

Then add in your salaries, consulting fees, admin etc....I doubt a sane Investor/Institution would go near this...if you ask me this is a leaking bucket...who knows if they happen to survive...next financial year they'll put cost overruns on PENUMBRA...or some other impairment cost...

I noticed they've slicked the last presentation...and put quite a few slides on PENUMBRA....claims of EBITDA of AUD $17M of FCF....on FOB Cost of AUD $57 a tonne? How many workers at the PENUMBRA mine..i'm sure people go past it every day....as it slowly gets closer to production...why is no one BUYING CCC shares? in the AGM audio...even Mr Landau makes a joke with the DON..."Don that $15-17M in FCF for PEN, Don they want you to write in writing?".....

Only thing that can save this company is a board restructure, get rid of the underperformers, admit the mistakes to share holders, close of the unfinished deals and give transparency to holders, if cash needs to be raised.. it should be via current holders...get a PROVEN director with credibility who has taken reigns of a similar company and has delivered growth to Share holders....allow share holders to set performance kpi's on Management...

cos as of this moment this current board has zero credibility...
why would they on the back of a $116.2M 3 year aggregate loss?