The only project in Australia that had that level of cost and time overrun was the Sydney Opera House and that was very different to a process plant that is made up straight forward pipe installations and pieces of equipment that are easy to price. Put simply, if this straight forward process plant had of been a government project. The impact of such overruns would have brought the government down with the utter cry of negligently wasting tax payers money.
All we get is 2 lines in the Administrator's report. I know this sounds like just complaining after the event but, we need to bring about change in this whole share trading process in small to medium cap companies with respect to expectations of director performance.
ASIC needs to act on Company directors that are blatantly derelict in undertaking corporate duties as published in their code of practice. It is easy to say "Buyer Beware" but, how can one when the information on the these cost anr time overruns was strung out and the impact of the same was never pointed out until the 8th hour.
I suspect that many of us have resolved that we will lose all and probably best to move on for another day but how can we had back this company to the people that caused the problem and will ultimately grind it into its own excavations.
This company will be written up in due course for a number of reasons and it will hit the press in a big way I feel there is just too many bizarre twists in fortune and outcomes.
I think I have said enough now. I wish everyone well in the future and I shall be sticking with companies where the directors have a track record of success and sound analytical and management skills combined with motivation devoid of a don't care attitude.
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
