Roadshow Q&A, page-7

wait wait wait wait. Ziggs. You mean to tell me:

The company made the decision to raise the additional capital to give LWP the capacity to bid at auction, together with a potential USA JV partner for the dormant Oxane assets in the United States that have a replacement cost of over US$60 million, which could have been potentially purchased for cents on the dollar. At that time there was only one bidder at US$3.3 million. LWP withdrew from the auction process after our executives had completed final due diligence on the assets, and it became apparent the quantum of additional funds that would be required to modify the assets and commence production would be far greater than initially envisaged.

During the capital raise, we had exited the auction process for those assets, however, in parallel the Chinese stock market was in meltdown, the Greek exit from the Euro was in the headlines and the fallout from those events was, and still is, unknown. To manage these global capital risks it was decided to complete the placement that had commenced. We accepted funds of circa 20% over our initial target, in fact we could have raised far more and rejected a further USD $4 million offered by US institutional and sophisticated investors.

That you didn't EVEN FINISH YOUR DUE DILIGENCE on your next asset before you:
a. went to AUCTION and began bidding
b. made a critical decision to CAPITAL RAISE based on this
c. Proposed to insto's and sophisticated that you were IN THE PROCESS of buying a USA PLANT!!!?!?

NO bloody wonder THEY ALL SOLD OUT WHEN YOU DITCHED THE WHOLE PROCESS RIGHT IN THE MIDDLE OF CR!!!! lord god have mercy on LWP