Ann: Aurox signs Agreement with Chinas MCC , page-21

i now have had a chance to review the announcement and after reading a few times here are the main points:

1. no finance secured.
2. an agreement with MCC that either party can terminate before 30 June 2010.
3. no details on the sale of a stake in the project.
4. no equity injection detail.
5. no info on how they are going to fund their port payment.

i have been a holder for a long time and i am running out of patience, management said they expect this thing to be finance by the end of March, the fact they havent got any capital commitment by anyone suggest this announcement was a stop gap to keep some shareholders happy or suck some others in.

management need to take a long hard look at themselves, they have stuffed around for a long time and they havent acheived much. first it was the GFC, we have had a big rally in the market and many other players have got finance deals done with the chinese. we have to draw a line somewhere because if they dont have some funding commitment from the chinese shortly they will need to raise capital at these prices or lower.

at some point we as shareholders are going to have to make a decision whether to keep this management team. im leaning towards a clean out of the dead wood. maybe some new guys can have a crack and get something done for us other than water tests and meaningless non-binding EPC deals. when are these guys going to learn, the market wants capital committments from a JV partner not an agreement to try and help get finance.

if MCC can secure 100% debt financing then i would be happy, but if they still need conventional finance they still need 20% of $1.3b = $260m. without that they can announce all the hot air they like and it wont help the share price. this is what happens when you get a cosmetic sales person and a geo to running a company, they cant read or interact with the market and investors, its like they keep trying the same old things because they dont know any better.