Ann: Full Year Statutory Accounts, page-11

Deeply, deeply, deeply concerning.
So concerning I am selling down my position of at least 20% or over 100,000 shares.

1) Gibson has paid himself over $475,000.

The problem here is that's it's very convenient to have no shares, then buy 25,000 under pressure after becoming acting CEO / CEO. Then pay yourself a fortune for effectively halfing the SP and then, buy a whole lot of shares, as he will, when he is able via ASX rules. There is a conflict of interest here and that salary is far too high. Distasteful.



2) The incompetent management who have taken this from $12 to $0.135 have just told the market they intend to do a JV on NE. This company do not know how to keep the money they get.
I will have to sell out completely if they intend to go through with a JV with NE

NE will cost over USD 200m to develop. It is INSANITY


3) It does appear they are using CR language however, I do feel like they can squeeze by without one. They will need likely a small loan and if they can not get a small loan then:

a) They are deeply incompetant
b) There is something or multiple things within the company they are not disclosing that (they have to disclosed to the lenders) which are not palatable to they lenders and so can not get finance.
c) Have clearly got shafted massively by Thailand in what appears to be the most completely inadequate "settlement"
d) They have stated they "do not want to get finance" because they are scared babies after Taurus didn't play nicely with them.

4) The cold truth is that, as LoveGod says. All they need to do is mine and buy back shares. NOTHING ELSE.
Get us to 200,000,000 shares or lower. In 3 years sell the entire mine and close KCN for good.
What is means for shareholders is the following.

A conservative one Billion dollar valuation for the company.
Under 200 million shares.
Over $5 return.
Share holder capital of $700,000,000 i.e. an over $3.5 TAX FREE shareholder capital return per share.
$1.5 taxable at half (half of 45% if you're in the highest tax bracket) for Capital Gain over a year. You walk away with over $4.6 per share.
Plus what ever dividends are given along the way.

If the company can not do this quite realistic road map, then what? I would have sold out as soon as I see the writing on the wall. This publication was the first writing on the wall and I sold 1/5 of my holding today. If it changes I will buy back in. If they continue with weirdness I sell out more and eventually completely if necessary.

That is the WoodFr0mTrees