are weg pulling their weight?, page-68

I've never understood why we have been dealing with the likes of Timezone/WEG/SS&T. In every major province in China there is a state owned steel mill that sources multi-million tons of iron ore annually from the sea borne market. For the past few years they have been, and I believe in the current weak market still are, desperate to source high quality ore form outside the big 3 oligopoly suppliers. Their boards of directors may be made up of chain smoking ex PLA guys who cant speak a word of Engish, but these are the players to be dealing with as off-take partners and financiers of Cockatoo and more specifically Irvine. It’s a simple responsibility of PLVs board to have the ability to form relationships with these companies, or to call up an investment bank that can. Instead the company’s fortunes have rested on Wang ChenXi and her shelf company. Anyone who thinks a shareholder vote of NO against giving away half of Cockatoo to a marketing agent already making a nice 3% somehow threatens PLVs integrity is away with the fairies, this is business get a clue. If you think we are likely to be up a creek again some time soon, possibly when the $25m is needed for the sea wall, and think splitting the costs with WEG and relying on them to find the financing for PLVs share is the better option, then it’s a YES vote. Just another example of an Aussie company rolling over to have its tummy tickled.