There were a few more people there than the last one i attended a couple of years ago.
The "vibe" from the board and KR was very positive.
Some of the highlights I took from the presentation and question time etc.
Not quoting people (as my memory is not that impressive) as I was running late and forgot to grab a notepad. General gist below.
KR: We will, make no bones about it, go from explorer to producer.
KR: We have been given alot of grief and questions since we announced the funding 12 months ago. We wish we had not done that as it was permature.
KR: The amount of work and headway the company has made in the last 12 months on a shoestring budget is impressive and we are working tirelessly to get an outcome in the best interest of all shareholders.
He did spend alot of time reiterating that FRL is by far and away the preferred finance option going forward. They will not just be jumping at financing and getting little shareholder value etc etc..
KR: The amount of ore north of SHIP is unknown but we envisage this detrital iron operation to run 10 - 20 - 30 years? before doing any hard rock mining in stage 2 and 3.
Some questions were taken after the presentations as far as dilution that has occured and also going forward. KR advised it not ideal but the delay in financing was the main reason for this and the costs of maintaning all tenemaents in good order is expensive.
He then dropped what i thought was a bit of a BOMBSHELL. None of the boardmembers have been remunerated for the last 6 months!!!! Holy flapping duck@%^t Batman. One can only assume they are very very confident of getting the funding through fairly soon as then they then collect back pay? (pure speculation from me)
There was a mention of all other projects as outlined in the presentaion. All resolutions past overwhelmingly. Although only 23% of all shares on issue voted.
So having been in this position before (being confident ofter the AGM)and buying shares only to regret it down the track I am faced with the dilema of doing the same again?
As always KR and crew are upbeat and positive which is great. The word failure does not seem to be in anyones vocab, and i do not think they are pulling out the Maquarrie to find out what it means.
I have some strange feelings going on inside of me. Anxienty, excitement, apprehension and greed. Confidence has been instilled (as it has before, lol) that we are on the verge of something good here. The knockers (me included) have written FAS off many times before and lesser men may have failed and drawn the white flag. Not these lads! They are still there against the odds and i reckon they will get this over the line.
I will buy some more shares and think they will turn out to be a good long term investment.
Rego1
(don't blame me if you buy more shares and it's a flop)
FAS Price at posting:
0.8¢ Sentiment: LT Buy Disclosure: Held
