You are right. We all know what was said and printed and they know it as well but they now choose to conveniently forget, interpret or reword as required. And it seems there is no one, and no laws in this country interested in, or capable of looking after the interests of the honest shareholders who financed this company and who were ultimately deceived and conned by those that were paid and responsible for looking after our investment and our interests.
Gordon Tolls Completing the Wealth Creation Platform is a damning document in itself considering what Bob Young (and many others) would have been aware of at the same point in time the announcement was released to the market.
Here is an extract from that document:
START... ---------------------------------------------------- 30 May 2007 Chairmans Message: Completing the Wealth Creation Platform
Construction of the Browns Oxide Project is continuing substantially as previously announced with commissioning expected to commence in October 2007 and capital cost estimated to be $A83 M together with $A21 M for first fills, pre-production, inventory/critical spares, and owners costs. This $A21 million will be split 50/50 with Hunan Nonferrous Metals Corporation Ltd. ("HNC"). Power supply continues to be the critical path, however delays in the supply of other materials, services and equipment has resulted in the emergence of sub-critical paths that are being closely monitored and managed. Continued high base metals prices are expected for the next several years so the project remains on target to take full advantage of these metals prices.
The first payment from HNC toward the oxide project capital costs has been received. Our excellent deal with HNC obviates any need to issue new equity or assume any debt or hedging obligations to bring our Northern Territory oxide and sulphide projects into production. This has removed most of the financial risk from these developments. --------------------------------------------------------- END...
There was nothing in this announcement to the market that there were any major issues that would adversely affect the performance of company. It was in fact all very positive and reassuring.
Perhaps with the knowledge we have now the only hint was where the document announced the following:
START... ----------------------------------------------------------- Although we have a strong balance sheet and cash on hand, we are also in the process of putting some significant standby finance ($A100 million) in place to allow us to take advantage of opportunities as they arise. --------------------------------------------------------- END...
We now know that it was not used for the stated purpose but was instead used in a panic attempt to rectify major construction errors with the oxide plant while at the same time plunging us deeper into debt through a loan with Cornell Capital (now YA Global a hedge fund company), and which subsequently contributed towards the companys downfall.
And to add salt to the wound those that were instrumental in the companys downfall now stand to gain by acquiring and operating it a fire sale prices, and stand to make billions while the previously useful shareholders are now treated like lepers.
If you want to do something write a letter to local, state and federal politicians in the hope that there is at least one that is concerned enough about this situation and the potential loss of this government endorsed Major Project of National Significance to foreign interests.
But write your letter now before the opportunity is gone and your investment and our natural resources along with it.
Opinion only and written without prejudice.
Maintain the Rage & Never, Never, Never Give Up...
CMR Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
