shareholder action imf brief, page-40

interesting dilemna

We were certainly misled in 2007. Remember the Global roadshow announced to the asx on 9 August 2007 that said "on budget and on time". That announcemtn was made shortly after HNC dumped half its shares. Three weeks later 30 August 2007, an "ongoing management review" lead to an announcment that informed the market that they were 6 months behind and about 30 million over budget.

I recommend that some attention be paid to events that lead to the $100 million facility from Cornell. Did CMR board and management know that there were going to be overruns back when this was arranged. If they did, the series of announcements and share transactions from about March/May of 2007 should be looked at.

The way it looks to me at the moment is that Cornell and Coffee house will walk away with the lot. Cant see too many buyers for a 50% share in a mothballed unfinished mine at a high price. It would have to be a fire sale. The only thing that might prevent that is HNC bidding for 100%. Should that happen, Sharholders might get something back. Should the latter happen, it will be full steam ahead in the NT.