Now that the Rincon deal is confirmed may we say....Congratulations to Phil, Anthony ,Ross and John for their great management of ADY over the past year.
They failed to raise capital when the shareprice was at 50c plus for 6 months in order that Opes Prime investors did not have to fork out a cent while retaining their high stake in the coy.
They failed to sign any lithium takeoff contracts for reasons they only know and were not prepared to share with shareholders.
They failed to demerge Rincon they say because the ATO had not given a decision.
They failed to increase iron ore production because someone ( unnamed) purchased the wrong crushers.
They failed to raise $200m bond that they said was a sure thing.
They failed to secure finance from Shougang.
They failed to secure long term iron ore sales contracts with Shougang when prices where favourable.
They failed to have YA Global convert their loan into shares at 70c which they had negotiated and bragged about.
They failed to realise that a placement at 17.5c meant that YA Global could convert their loan at a similar price.
They failed to secure finance from Maestro and YA Global after stating in the Annual Report a few days earlier that it would be received on time.
They failed to pay their bills on time.
However they succeeded in destroying the shareprice and investors wealth.
They succeeded in reducing ADY's capitalisation.
They succeeded in selling Rincon at a throwaway price.
They succeeded in reassuring shareholders that Rincon was only a tin shed with a few ponds.
They succeeded in not answering one question at the AGM pertaining to the 6 litigation cases.
They succeeded in spending cash on Bulman which they say was an asset that no one wanted and could not be sold.
They succeeded on spending funds on Rincon Plant in Spain for an asset that was high risk they say.
The list just goes on and on.
Have a great Christmas ADY past and present directors. You have done us proud with your efforts during 2008. A year that we will never forget.
What exactly did Phil and co say... "debts will be paid as they fall due"!!!!!!
REALLY??????
ADY Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
