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4.5¢ atlas iron limited

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ClemFandango

498 Posts.

118

11/11/17

22:31

Post #: 28706900
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Originally posted by shareboy ↑

Here is what happened (from a long time holder)

Under the stewardship of David Flanagan, the company was born. It was in the boom time that we made good money but we spent a lot too on aqusitions/tenements. In the early days the distance to port was like 75 k`s so trucking cost was ok. David was a great promoter of the company (a little too over the top sometimes lol) He got us port access and runs on the board. As the boom went on David went on to run a University.

In comes the promotion of Ken Brinsden who realises the distances from mine to port are increasing and trys to get the ore on someones train line. Says the deal is imminent and then hopes fade away. Price of Iron Ore goes down and basically the sheet hits the fan when it comes to repaying debt. Ken comes up with a contractor collaboration agreement which had trucking companys getting the bare minimum to cart the ore when the price was low. As the iron ore price increased so did their rates. Then there was the debt to renegotiate. Back in comes David Flanagan to raise money by organising a raising. Even stood side to side with Andrew Forest who said he was participating. Then he went on to get "deal of the year" to halve the debt by issuing a sheet load of shares to the debtors. It was a deal that had to go through or we were going to lose everything!

Since then we have had the debt to equity holders offloading shares. They stuck Daniel Harris in as temporary M.D who done a pretty good job IMO. Payed a fair bit of debt down and drove down costs. Then.................In comes Cliff Lawrenson, was touted to be a great M.D and a good deal maker. Well, to date in my opinion he`s just Farked up the Company big time! He has done diddly squat to increase shareholder wealth. Doesn`t even have to decency to answer emails or promote the company to institutional investors. He gave away our Lithium at Cisco for a lousy 2 million to PLS which Ken runs. (thank goodness I got on board there)Talks a bit about Lithium, Mineral Sands, Copper , Gold etc and doesn`t follow up on anything. He did negotiate with the debtors that we have a reserve account set up to put aside 45 million for Corunna Downs, that has since been stalled. That cost us a couple of million and shares. So in short, he`s done two things that's cost us.

So there you have it, a good company gone bad, a MD that has no vision and is Lazy. Most importantly, the share price reflects the lack of appetite from Institutional Investors. Even if they wanted in they have the big Debt to Equity holders offloading squillions of shares and any short term rally is squashed. It`s just so sad the whole thing. And now I need a stiff scotch, it`s turned me to drink!

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Great post.....brings back all the heartache! Lest we forget our principal trucking contractor Mcleesee.....who we basically drove into VA through our share arrangement. You know......thats what really f**** me off! Sure we had the deal of the century pulled off by DF......but what has happened since? With current MD i mean.....squat! Definitely a no confidence vote from me.....you got a spare Scotch? Im out of tequila. ....

AGO Price at posting: 1.8¢ Sentiment: Hold Disclosure: Held
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