To find out who is misleading who look no futher than Mr Tay's first point which I quote
"1) With the support of some key shareholders, I restructured the Dynasty Board in October 2007 as the previous managing director was leading the Company in an unclear direction and the Company was in the danger of losing the key iron ore tenements due to lack of exploration activities."
When Dynasty listed back in 2006 it only had one iron ore tenement which was the E45/2728 tenement known as the Abydos tenement that Atlas bought back in April 2006. A further tenement was granted at Warramboo which is situated 110K from Onslow in January 2007
The previous managing director had made application for 4 tenements in the Prarie Downs area and the first of these granted was the E52/1927 tenement that contains the current JORC resource. This was not reported as being granted until the quarterly financial report in April 2007 along with E52/1949. All other tenements in the Prarie Downs region which are the key iron ore tenements were granted after April 2007.
Mr Tay was appointed CEO on 21 January 2008 after being involved in a section 249 notice to remove three directors in August 2007(sounds familar). If the first of the key iron ore tenements was not granted until March/April 2007 then there is no way that any of the key tenements were ever in danger of being lost due to a lack of exploration activity in the 6 months or less between the first one being granted and the boardroom coup by Mr Tay.
Mr Tay, you lost credibility on the first point so why should I believe you on anything else you say. Anyway, in my opinion, actions speak louder than words so let's have a look at your track record since being appointed CEO in January 2008.
1) Share price May 2008 30cents, October 2011 18 cents 2) Presentations - There is not one ASX listed presentation that Tay has made since becoming CEO.No wonder the share price is 18 cents on no volume. Who would want to buy shares in a company where the CEO is not actively promoting the company.
Don't be fooled by this response. Instead look at the past and make an informed decision on which side is best to lead the company in the future. Do you want more of the same or is it time for a change?
DMA Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
