Great post Ozblue. This answers a lot of my concerns that were floating around in the back of my mind. So many of us think because we are LT holders that we need to invest in the CR to avoid the dilution, but the reality is we do need to treat this like a new company to invest in....and on that basis one would wonder why you would take such a risk. We most likely have to face we pretty much lost everything back in early April.
I am greatly disappointed with this CR. When the mining commenced again a few weeks back I was hopeful of some kind of salvation but this CR just doesnt seem to do anything in terms of solving their problems.
Anyone reading my previous posts would know I am down many hundreds of thousands on this stock and I spoke to the company only a few weeks before this all happened in early April so am amazed it has come to this.
My average price is over a $1 and whether the CR was at 5 cents or 10 cents, it didn't make a massive difference to my average price. What a CR at 10 cents would have done was make a make dent in their debt levels. And this is my biggest concern. I think long term the iron price will recover and that for the next year it is all a timing game with more downside to come. With the debt overhanging this company any downturn can see us right back to where we were early April with possible breach of debt covenants. The CR barely puts us back to 6 months ago and who knows how much more cash they are burning through this month.
The directors might be putting money into the CR too, but their massive pay rises will see this reimbursed to them.
Not sure who is going to the Annual Meeting. I for one am planning on going as I need to hear something that gives me an inkling of confidence that they can salvage this company. So far most people on this site seem to be very P&&&Ed off with this CR share price and I for one agree.
Interesting times.
AGO Price at posting:
12.0¢ Sentiment: None Disclosure: Held
