hamish has to go!!!

This presentation is a joke and clearly misleading. The presentation implies strongly that the domestic operations are highly profitable however the actual accounts have shown for a long time that this can not be the case. Something is very wrong here. It is a major reflection on management when they put something like this out. I am sure technically what they have said is correct, but they have excluded a lot of costs (just like all the gold companies use to do).

Also, now the coking coal is going to be sold at a 5-10% discount versus them saying for a long time a 0-10% premium. Look at the unwashed coal quality of the Escarpment reserves - it is not hard coking coal. The ash is way too high and the swell is too low. The washed product probably is (volatiles are too high though), but Bathurst won't have a wash plant.

Plus, it must be some sort of record to announce a placement being completed and a new capital raising in the same announcement (the rights issue)!!! Announcing them together is common but not one after the other. I wonder if people in the placement knew a rights issue was coming, surely at a discount to the placement price.

Again, if he hadn't wasted the $100m+ of cash he had and misled everyone in terms of timing of the project etc, then maybe there would be some sympathy given the coal price.

We don't need to go over it all again, the bottom line is he has to go and there is a very real chance the company becomes insolvent (assets are valuable, but you're insolvent when you don't have the cash to meet your payments when they're due and given they have lots of payments due to a loss making domestic operation and a very bloated head office and the cash is running out, we are close to the end!!). Expect more capital raisings!!!

If you think Hamish should go, please vote with the thumbs up. I would be keen to know if people share my view.

New management means less likely it goes to zero.