LCY 0.00% 1.8¢ legacy iron ore limited

announcement out , page-71

  1. 4,393 Posts.
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    I maintain and have always maintained I am what you would call a 'raving fan' of this company, especially in the long term. Anyone ever read that book? Fantastic read..

    Reading between the lines of the last few announcements I see the state of play as Sharon asking for shareholders patience ... almost so much so that she is nearly demanding it. I read these announcements as Sharon being the key driver in a company that is progressing through what is a complicated process. A 'bear with me, I will guide you to long term shareholder wealth' approach.

    Let us not forget this type of investment has never been tried and tested amongst our local shores from such a big overseas player and there will be bumps along the way which will need to be ridden.

    The beauty of this deal is the exposure to the vast amount of DEBT FREE funds that NMDC will bring. Do not underestimate the importance of being debt free in the current economic climate. This adds significant amounts to the instrinsic value of the company imo.

    Every day I see the lack of understanding in my current line of work with bank funding. A lot of bankers struggle to understand the way companies and corporations really work. Most of them can barely read a P & L and a Balance Sheet, yet many companies are put under their mercy with their strict covenants, that essentially you must adhere to or you could go belly up. Not having this stress or pressure on our balance sheet is such a major corporate advantage.

    We now have (vote pending) a major equity partner to bring the company to production stage by first quarter 2012. How good is that? They are not an external bank that could potentially 'bust our balls' so to speak and question every movement or accounting transaction we undertake with their ridiculous banking covenants. Sure, there may be disagreements along the way, but they will have equity to balance out their views. Our growth is their growth. This can potentially add amazing amounts of value to all of our shareholder wealth going forward, and I believe it will.

    DYOR.
 
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