Management are arrogant to think the loses are chump change. A company that was still a explorer, not a producer that has no cash flow should not be punting shareholder funds in the first place. Secondly they didn't buy blue chips stocks, rather they bought specs. lol. How many f**k ups can you make?
The only reason why agm management have not recommended zfx's bid is because they will lose their jobs and will not find another in the mining industry due to their incompetence. So this is about protecting their jobs rather than in the best interest of shareholders.
Jinchuan should now see the light and accept the offer. The company needs professionals like zfx to run the company properly.
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