Rhaz, agree, good point about the company legals when drafting contracts! mmm, but we have "Richard Anthon" isn't he our current legal NED! So how did our contracts go so bad with LNY not being paid???? How did this occur with all this experience our board has!
Mr Anthon has over thirty years experience in law with expertise in the mining exploration, mineral development and energy sectors. He is a director of Bass Metals Ltd.
RE Finances - Rhaz with respect, but I am wishing to question your remark "that anyone to say we have financial problems is misleading and irresponsible"care to elaborate please?
Fact is imo, company cannot afford do anything with Agate or NZ due to our poor cash position and this is why the lack of action, which in-turn is responsible for frustrating all holders and stagnating SP. IMO this company looks more like a household on credit.. When I read the company financials we are almost broke and unable to fund our out-goings without imo rewarding SB at 8% for his continued loans.
So I do disagree with your statement, as imo our financial balance sheet confirms we are a financial mess. How is this company being financially responsible and why is my comment "misleading and irresponsible", cheers!
RE- Consolidation - as a large holder, have enough losses here than fast tracking further losses!!! No way should this be considered.........
Seriously LNY are nowhere near where they should be to even considering a consolidation. To do this would destroy every holders investment, as the company has not and will not do enough imo to maintain SP momentum, especially at our current cash levels.
Can't work for 2 months a year and expect SP to grow, that's why we are and have been sub 1c for a decade. Can't see that changing while we maintain the same mindset imo....
If you used the 10:1 for example say 3.8 Bil share @ SP 0.005c would change to 380Mil shares @ SP 0.05c. Say holders own 10 Mil shares would end up with 1 Mil shares.
So if the company decided to actually consolidate at 10:1 and if company maintains this current life style environment of poor achievements like the previous past 10 years then the SP would quickly go from 5c back to sub 1c within a month imo, especially given the market confident and the companies reputation. SP chart doesn't lie!!!
Consolidation should only be done when they actually can mine and process on site at Agate and when they are actually serious in drilling NZ, so to even consider this while they are doing jack and achieving jack will certainly destroy every holders investment imo!
Finally come on LNY announce something to the market!! Your treatment to holders imo is totally unacceptable. Surely with 5 directors in the same office (well 4 at least as one probably still in Melbourne for last 18 months, seriously!), plus a Geo and new CEO, surely the puddles of water has dried up by now.
Maybe imo move from BCP desk and wipe dust off the LNY desk and communicate something!!! Extremely frustrated as a holder with this company....
So much potential, but so little care imo. We urgently need new directors for this company to realise our true potential imo. GLTA... Back to sleep!!!
LNY Price at posting:
0.5¢ Sentiment: None Disclosure: Held
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