Ann: Notice of General Meeting/Proxy Form, page-22

I also received the letter. The point Pauley is missing is that there was never a resource in India. The operation was taking run-of-mine dirt at ~28% Fe and beneficiating it to a sale-able product, but it wasn't quoted as a resource and never has been.
In apportioning blame to prior management the new MD has been misleading by ignoring this point about the ROM grade, when he decided the benchmark for success in his drilling program was 35% Fe. I think he was looking for an excuse to mothball it and get out of India.
In spite of all that the new venture looks interesting and should be a good match with IOR's IP, however I'll be getting out as soon as the shares are trading again.