RDR or whats left of it could be moving into the offices of Ferrier hodgson if they keep the losses flowing as reported in the West Australian on 8/3/14.
JUNIOR LOSES $18.9 million and Reed takes $72 million writedown as reported by the West Australian and disclosed in Reeds half yearly report.
The spin by Reed is still at its best with the company saying that a dividend to GMK creditors was still likely.
Reed have failed to produce profits at Sand Queen,Mt Marion and Meekatharra.20.6 million is owed to hard working suppliers,contactors and former employees and the show rolls on with management still getting paid plenty to tell investors how good they are and what world class projects they have.
Lets just hope they have the good sense not to appear at the diggers and dealers conference in Kalgoorlie this year talking up the company.
They presented at Diggers last year and then put Meeka into administration a week later.
Reeds need to shut up shop and use what cash they have to pay the people that supplied them and worked for them instead of using the cash to pay themselves and the hangers on in their multiple West Perth offices.
NMT Price at posting:
3.7¢ Sentiment: Sell Disclosure: Not Held
