Ann: Quarterly Activities & Cashflow Report Sept , page-15

re: Ann: Quarterly Activities & Cashflow Repo... Hi enen123,

So long no hear. How have you been.

By the way did you have a good read at the quarterly report.?? More of the same as far as I can see and IMHO.

1) We have started with a good bank balance at the beginning of the quarter, and we finished up with a cash balance of $3.748 million dollars in the Bank. But, just before the end of the quarter, (the 20th of September current), we have completed a share placement of 24.650,000 shares to keep us with that cash balance. If we didn't, we could have ended up being up crap creek without a paddle.

2) Another capital raise, or share placement has been done at the beginning of this quarter to inject more cash funds into our Bank account, amounting to an issue of another 36,975,000 shares. The shares press at the basement of our Head Office in Perth, must be working overtime in keeping up with the orders coming down/in from the Board Room. Could this be the reason that our Admins costs are on the increase due to overtime rates paid to the worker in doing that extra work.?? :-)

3) Another 4.1 million dollars paid in Administration costs during the last quarter. WTH???? There are companies out there ten or twenty times bigger than us that don't spend half as much as what we do. SFR form instance, a Company with a MC of more than $1billion dollars, only showed that it spent a total of $6,299,000 dollars in Admin costs for the whole of 2012/2013 year. Twelve months mind you.?? Now why is that, especially with a company 50 times the size of ours.??
Then SXY with a MC of close to $1 billion dollars as well, (they split their admin costs in different categories by the way), they have spent a total of $26, 549,000 dollars in Admins for the whole of the 2012/2013 year but, within that amount, it includes practically everything from legals to Depreciation expenses, from write offs and impairments, to travel, Insurance and all of the rest. Remember though that SXY is an oil and Gas company where the high costs are involved at all times. (By the way I do hold shares in both of these companies.)

Then have a look at other companies out there. I am sure that you will find plenty of them.

4) Now we have, after the last CR, 308,219,087 shares on issue. This of course will have to go to a Resolution to be voted upon in order to allow the Board to have it ratified and allow it to be doing more of the shares issuing up to the next 15% limit that will be allowed by the Corporation Act.
Now, if we were to say "NO" we could be stuffed, and if we say "YES" we will end up been diluted to high hell. Whichever way we are looking at it, it won't look very good for the long term and suffering shareholders. IMHO, it looks a lot the likes of "SIX OF ONE, HALF A DOZEN OF THE OTHER".

5) The old Chairman has left the scene and replaced by an ex Rio Tinto man. Now we have the two top honchos in the Company with the best and strongest position in the Company, both having come or having had position in that same company before. :-) :-) :-( .......You can do your own research but Richard Mehan came from Grange Resources not so long ago, and it appear that his position within Grange Resources itself only lasted for just 10 months. According to an article appearing in "The Australian (Business Journal)" no explanation were offered by the Grange Board at the time, and he was not contactable at the time by the person who wrote the article. The above is simply based on what I found out by googling.

IMHO, why is that.....Is there a method in someone's madness???

Please DYOR as I have done mine!!!

I personally think that we could be in for a very tough ride ahead of us. I do hope that I am wrong though.

In the meantime time, no one in the company is willing to talk to you and you are always referred to someone else with little authority, or saying, to talk to.

What are your honest opinion my friend.?? Please be frank with me.

Have to go now. The religiously Saturday thing of doing some shopping with Mrs Buddy, and then having lunch in that same Restaurant, is just about ready to be started, and it will be attended to.

Oh well, that Villa that I was planning to buy close to Venice in Italy or in the French Riviera, with the proceeds of my PLV shares, will have to be put in the backburner for now.

I couldn't even buy that Gold John Deere header that Parmasplat was telling me, and I have had to buy a yellow one instead lol.
Shit happen you know.?? Especially when one is playing with the sharemarket as it is all part and parcel of the game. You win some and you loose some.

Cheers my friend.

Buddy134