Banter and General Comments, page-19460

Gcar, like me you you have been one of the greatest supporters of this company. I suspect you are associated with the company in some way, or maybe have close contacts with someone who is. But I must say that when you talk about how we will come good in 4/5/6 years time, I think you are asking too much of holders who like me have already been in this for 4/5/6 years. The way you talk, the golden fruit is always on the horizon, just out of reach. I for one don't want to be waiting another 4/5/6 years (time is against me).

This company has been subjected to intense manipulation. However I don't know if that is still the case now. We are not even on the list of top shorted stocks any more. I think now, it is just a case of not enough buyers. Buyers have been scared away. There is complete disinterest. Hell, retail didn't even take up its full entitlement under the in the recent retail entitlement offer. I don't think many care anymore what Simon might have to say this month about James Bay or next month about SdV. Even if it is good news, the share price will probably tank anyway.

I think the problem for too long has been that Galaxy has been too big on talk and not enough on action. I blame Anthony Tse for that. All that talk 3 years ago about the SdV joint venturer being announced before Xmas. And then nothing. It has been a dispiriting ride. The reality is that SdV will not be producing and making money for several years. And in the meantime, the latest report tells us we have been selling more ore than we needed to to the Chinese at below what it cost to produce. All in a time when we and other producers should have been reducing sales in order to address the oversupply situation. It makes me wonder what sort of business is this.

Anyway, sorry for the rant, but I have lost faith in Galaxy. I feel we retail shareholders have been screwed over by the institutional banks (shorters), the Chinese and even by the Board of Directors and senior management themselves who continue to do well year after year with their salaries (which are up there with salaries of the Top 10 companies in Australia despite Galaxy's lowly ranking) and their bonus shares and options. For all these reasons, I finally sold out on Monday (and saved myself another 5% loss!).

I really do wish the long term holders in Galaxy all the best. I hope it does come good for you sooner than 4/5/6 years.