Ann: Legacy Joint Venture to Develop Mt Bevan Iro, page-70

re: Ann: Legacy Joint Venture to Develop Mt B... Management have been sitting on the gravy train of directors fees for 2 years now..would be interesting if someone had time to go back through all the Appendix 4C's (cashflow reports) and see how much is spend on director payments and administration vs exploration expenditure.

off the top of my head I would say something like $3m in admin/directors fees vs $400k in exploration...

now the coffers are starting to get low ($2m odd) they are starting to panic and doing stupid deals...

placement is going to have to be in the single digits to get any real money in the door...

where is the ASX in all this?

companies are suppose to report how they have spent the money from IPO in the first 2 years of their listed life, and ASX is suppose to check what they have spent the money vs what they said they would spend it on in the prospectus.

could original IPO shareholders take legal action against management for now spending the money on drilling but on their own pockets??