No white knight, page-40

Ok let’s get some perspective here and I will try explain and justify my thoughts here;

1. The company has gone into VA because they are uncertain if they have enough funds for the short term.  To me, short term is next quarter, medium term 6 months and long term 12 months.
2. At present all shareholders are up in arms and wanting to complain to ASIC and the ASX.  The board in my opinion has done the right thing doing this, whilst we are in VA the share price can’t be played and dumped as the past history show.
3. Now to come out of this they need to prove that we are not insolvent, a forward budget and that the debts will be paid.
4. Now I see 3 options here;
   
   1. TON gets sold off and shareholders get nothing
   2. TON raised say 10 million at maybe 4c and then all current shareholders are massively diluted that we never see 10 cents again and all holders from 15 up are never going to recover
   3. TON sells off NH for say 5 – 20 million, no idea how much because there is no precedent set for sales of these assets unless you want to use the price we paid for Grafex which is a world record and as we all know was too much.

The best scenario I see is selling off the ‘hill’  Let’s face it, SYR are going to be flooding the world market with that low grade junk in the next couple of years so trying to compete there will drive the basket price lower.  Secondly, the world demand is not there for super pit suppliers.  I know everyone dreams of the super pit but it just aint happening and I think it is time all woke up and realised this.  If the product is there why not just start mining Ancuabe?  I’m not talking a JV with the GK either, that would be crazy, it would benefit them and we would get pittance return.  The best thing is to sell the hill, get the cash in and start with a small 20kt plant and as demand comes on we add to it.  If this is done we then would have no debt and limited dilution.

Brad Boyle removal.

I am not on here to explain / cover or justify Alan Jenks decisions or what he does.  I am here to outline my thoughts and my decisions hence the reason I never mentioned that Alan Jenks was at the triton office the day the 249D was issued.  It is not up to me to mention that as Jenks is a big enough boy to comment on that if he feels he needs to.  Now this was a decision which Jenks mulled over for 12 months and it was concluded amongst major shareholders that he was not taking the company in the right direction and was not able to obtain institutional support or a solid share price for the holders.

Cone of silence wolves meeting.

This meeting was organised by the Uk guys, something that they did with Boyle every 3 or 6 months and the meeting was convened at short notice by Jenks with Gilman and Garth, I guess it was primarily to put a face to the new MD along with him seeing who Jenks was and the UK guys.  Now I attended this meeting as I was in the UK on other business and decided to drop by.  Now all think this was some insiders meeting well let me tell you it was nothing like it.  Big Garth and Alf sat at a little table in the front of an audience of maybe 40-60.  This meeting had no prepared questions but to be honest all of the UK guys were very quiet and waiting to hear what he had to say and he had nothing, what a freaking waste of time.  His comments were he didn’t know or couldn’t comment.  It was farcical to say the least, to be honest big Garth looked angry and he seemed as if he did not want to be here.  This is not in my opinion how the meetings used to be up there when Boyle was in charge up there, no he spilled his guts and told them everything was rosy and we are gonna be the biggest and we have the best and chest beated along with splashing his Triton credit card out ordering more booze the same as he did at the AGM’s, yeah he couldn’t care how he spent our money that is why we have none and he fooled the lot of them..

Top 20.

I know this is really getting on the tits of a few here but me personally I just don’t get why?  If someone can post something substantial that justify why it is so important right now well I may change my mind.  In saying that, I don’t really have an opinion of it because it makes no difference to me who or who maybe not on there or selling or buying..  I always am concerned who is out of it doing the trading.  Let’s face it, the 20 has been quite solid for a long time.

UK Wolves

Lot stated about them not commenting or posting of late.  Well its quite simple, they are gutted.  They have been had by Boyle.  These guys are just genuine decent lads, no corrupt grubby bs about them at all.  They have been had by the whole Boyle saga.  They truly believed that this was going to be the next Syr and got sucked into believing that because there master and chief captain BB told em so, yeah AJ you be the chairman, I will sort it all out, you just stick up in the UK buddy and get me the money, then when AJ calls to ask good ol BB will piss on his back tell him it’s raining and Jenks his happy for another couple of months.  You see they have been sucked in like all of us but they are really feeling it because they believed it.

Myself and my holding.

Yes when it was really capitulating I started to sell some off.  I was honest about it, they days I started selling I changed my sentiment on HC that I was not holding.  I am not going to post or ramp the stock if I am no longer a holder.  I sensed the company was running low on money and thought it be in the best interest of my own investment strategy would be to unload some.  I also knew that the company needed funds in the future therefore I could reserve some funds for any future raise that would assist the company.  That’s right, I was looking at assisting the company in the long term and in saying that this is still my intention