auction failure, page-4

I used to own stock in this company and got out because I realised the management were looking on the shareholders as victims. Gordon Hill who lives in Perth has to be got rid of. Unfortunately the boardroom changes are all his appointees. The only one (fortunately) who might be OK is the new MD because he is reputed to understand the Lachlan type of resource. The Melbourne move is not a bad idea at all.
However Hill is tainted with dubious dealings and has no understanding of what is needed for the current shareholders. That is to become CASH FLOW POSITIVE as soon as possible. But they are still persuing a Feasability Study which appears to me to simply involve even more drilling. They have raised $7m by rights issue (WHICH YET AGAIN IS INADEQUATE) to proceed towards a feasability study (IMO) that will not suit the current shareholders one bit. That indicates grandiose mining plans down the track which has to involve a huge dilution, and they know the current shareholders will get nothing out of it. THAT IS WHY THEY HAVE BEEN UNCOMMUNICATIVE to current shareholders.
The company has the best resource of all but MCO and HEG sre showing how it should be done.
Everything should be done to remove Gordon Hill because while he has appointed other directors, the continuing thread throughout has been the feasability study idea. The only feasability has to emanate from small scale working in the most likely spot that makes the company cash flow positive. The only drilling should be in support of that. The $7m should be used in that direction. From that point on the company will start to gain credibility and grow slowly and organically to the benefit of CURRENT shareholders that have loyally stuck it out. That still does not appear to be happening.
A stink has to be raised. This is more than just the decline affecting the whole sector.
If I have made any errors of fact or judgment, I don't mind at all being corrected. There are many others who post on this site who know a lot more than me.