Ann: Requisition for Shareholders Meeting to Rest, page-53

re: Ann: Requisition for Shareholders Meeting... loki01, I fully expected management to be able to turn this around after GFC1 subsided, but instead the slide continued. Probably one of only a dozen or so 'viable' companies that refused to stage any recovery over the last year. Surprising considering the 'management pedigree'

Yet the initial cause of this IMO, was the determination to place the leftover shares from the last placement to sophs after the sp had started to recover ( I think it was over 14c at the time and I had again foolishly been buying on market to support it). I offered to take some of the discounted placement as a long term holder and proven on market buyer but was ignored in favour of some sophs.

Of course it seems those sophs merely took the discounted shares and dumped straight off and destroyed the recovery.

This was a critical point that could have seen a sustained recovery but management destroyed it for a few extra short term dollars.
It even appeared to me that the top20 was held back so the dumping was masked.

'Communication' from the company has also had a huge role in holding the SP back and some of us long term holders feel like we have been getting the cold shoulder for a long time.

We have had a director buying shares with no disclosure that I could find.

And the broken promise on the UK drill coming on the back of the failure to achieve early commercialization in TZ, and all those 'soons' that never eventuated meant nobody wanted to touch this.

Then a seemingly unnecessary WA play when short of cash and with plenty of other projects on it's plate, funded of course by another dilution. A shocking betrayal of LT holders IMO. Management just dont seem to get this.

This is why I would have thought a ***NEW MD*** would have been the go.

I have almost decided to completely throw in the towel on this even though I know the intrinsic value of the company is much higher than the current market cap.
Whether it can be realized, how many further dilutions will happen and how much more money will be burnt on WA/UK before that happens is an unknown though.