Ann: Trading Halt, page-37

I didn't think it was that risky... I've got some great winners from those that bought and developed assets.
- NST started with Jundee.
- EVN/Catalpa with Mt Rawdon (then Mt Carlton and Cracow)
- SAR with SOG/PACMIN assets
- RMS with Edna May (old EVN asset)
- OZL with Pasminco/Zinifex assets
- DVP with Woodlawn/HRR assets
- PNR with Halls Creek (then Norseman - Jury is still out with this one)
- RED with KOTH (Jury is still out with this one)

NML followed the same playbook and similar probability of success. The only difference here is that those that bought NML with the Vic assets in mind could not be persuaded with the new Mt Carlton tact. Relentless selling by those and we come to a point where the debt to equity is problematic and access to financing got affected.

Worse. I'm not sure what NML have done to my beloved Mt Carlton. I've known of Mt Carlton since it was just a drill result. Just like the assets mentioned above it suffered from the usual under investment because the previous owner had better ROCE (return on capital employed) on another asset. Doesn't mean the asset is bad it just needs a bit of TLC.

I guess we shall see what the deal is tomorrow.