What everyone has to appreciate is that we have a new board with new MD just announced etc. They specialise in turning things around. When you have as much invested as I have in this I have to look for whats going on and for me if it wasn;t for these guys I would have lost the lot. I was bought by the old board and supported them in certain scenarios but this is now turned out to be lies and I thank this new lot for coming in.
Frustration at not being listed is being felt by all but as I keep saying it can stay delisted as long as it takes.
They are trying to repair a broken company and that doesn;t happen in 8 weeks.
What do we have - A new board that is committed to turning this around. Read the reports out yesterday and quite clearly states what is being done. Its more than has been done in the past 18mths and thats with no cash. They have given more updates than ever so although sometimes its not what we want to hear, its then all out there and the realisation of how bad things were and how things will eventually be. So go back to the quarterly report and then ASX query and when you dissect the report its actually pretty good.
Many of the big issues like debt etc are being worked on and I am sure we will see the fruits of the negotiations soon. They still have assets which some are now in production. albeit not big but something and provides cash. The remaining assets are still quite good.
Everyone is focusing on South sprint. Its not all lost for this one asset and as they have said they may not reapply for all the assets. The techinical review is being done as they have stated. Just read their releases but this will take time.
The right offs are just numbers and so if they get reclaimed will have to be brought back to acct and no one will say boo.
I am totally satisfied how they are going about it. I don;t pretend to know what will happen when it relists. As we have seen some here will sell. These punters need to look at the bigger picture and be thankful they get to sell and then realise -- hang on a minute maybe they have something going here. But as always you need to do your research - I have and am satisfied that I will be okay in the medium term. I am not prepared to sell what I have and destroy the sp and my capital but entrust this new group to deliver on what we have and may have into the future.
Its all about choice. I am staying and am treating this like a new float.
MDA Price at posting:
5.2¢ Sentiment: LT Buy Disclosure: Held
