Ann: TNG Mount Peake Project - Capital Expenditure Update, page-50

An unfortunate position to settle on, where an investment in this company leading into the DFS release was based on a detailed review of the company's actions, associations & prospects where the assessment was that they truly were in a position to make something out nothing.

The DFS moving the refinery from Malaysia to Darwin with what appears now to be a random, not carefully considered decision at all & actions taken since including those most recent, now has turned that assessment on it's head that this is increasingly looking like it will end in turning something into nothing.

There would be quite a few people at FMG, PLS even the old SIR who through luck & good fortune watched something they possibly didn't expect too much out of, turn into a life changing outcome. Those individuals would appreciate the sequence of decisions made over the course of the development of those companies from nothing into something & be forever grateful to those who enabled that. In fact many would go out of their way to make this known to those people they consider were responsible for changing their lives in extremely positive ways.

Now turn that 180 degrees. That is the company which we are looking at here.
And although it was not everything, I would consider what I've put into TNG as the equivalent of life savings.

In light of that, the only rational position to take has been to support change at this company, yet in all honesty, what I am watching is BAU.
Literally own goals. Self destructive unforced errors.

This approach needs reconsideration.