cudeco(cdu) limited - representations, page-3

"The CDU share price has dropped from $3.76 on the 1st May, 2013, to $2.14 on the 30th September, 2013 . A loss of $1.62, despite the fact that the Chairman, CuDeco(CDU) Limited, has reported publicly on 27 occasions since the 1st May, 2013, that there has been no material change or any other change to the company. All Company Announcements have been positive for the imminent mining at Rocklands."

max, why do you not inform ASIC that a major shareholder started selling its 34m shares on the 12th June which surely must have affected the share price? ASIC may well be already aware of that and for you to blame the drop purely on shorting and churn does little for your credibility.

Furthermore, why do you say that "All Company Announcements have been positive for the imminent mining at Rocklands"? The latest company announcement puts the spend at 30th June 2013 on Rocklands at $292m, plus commitments at that date of another $54.7m, for a total minimum spend on the Rocklands project of $347m, which is already 8.4% higher than the $320m Rocklands' project cost mentioned in a recent media article. Plus the company has at least 14 months more expenditure (from June 30th) before commissioning commences in August 2014.

All that since it was only $200m for the project on 1st March 2011 - a 73.5% increase in costs in just twenty eight months and not completed yet. Plus, apparently, $64m for the port and rail facilities.

Which has to be another negative, as the 31st July quarterly report states that commissioning will start in May/June 2014, whereas the media article two months later states August 2014 - a slippage of two to three months in a two month time frame - how is that a positive for the company?

Do you not think that these indications of a substantial, and unquantified, budget blow-out and continued slippage of commencement of commissioning for the plant are negatives for the company and may also have contributed to the fall in the share price?