Humble, Sorry in being late in replaying to your post, but I...

Humble,

Sorry in being late in replaying to your post, but I live on a farm. And with that, there is something that will have to be done and that it will take priorities over other issues.

Humble, we are still having to repay $27,586,465 dollars to the RIZHAO PORT GROUP. And that is on top of the $24,000,000 dollars we borrowed from GNR.
And then we have other loans that will have to be met if I have got that one right.
PLV also owes another $12.15 millions to the JV which will have to be repaid before 31/12/13.
PLV will also have to raise $20 million dollars in the near future of which the company will raise $10million dollars via a CR. Hence why the CR that has been mentioned and which will have to be made by the middle of July current.

It appears though, that RIZHAO has given us some breathing space as it has agreed to defer it's shipping schedule repayment scheme allowing us to generate more short term cash from the sale of shipping ore for May and June current. I cannot see anywhere if that rescheduling of the shipping will be allowed to continue after May and June.

It is also interesting to note that, IMHO, there could be a discrepancy between what has been declared/released in the Directors Report by the Directors themselves in regard to the repayments to be made to GNR, and what the Auditors stated in his report.
While in the Directors Report itself it clearly reads that the loan from GNR will be repaid in equal instalments of $2.4 million dollars each, we can notice that in page 22, P/graph 12 re-repayments, the repayment schedule for that loan is totally different. That second repayment schedule has been confirmed in writing by some poster here and it is of no use of me re-writing it once again.

Now, unless I have got that one wrong, which is the correct one and applicable to us.?? One would have thought that someone in the company being released to the market. Hence why I made a mention in my previous post which reads:
""I wonder if the company will issue a follow up report clarifying those issues.""

It is also interesting to note that between the RIZHAO GROUP and GNR, they, IMHO, hold security over all of our assets. The RIZHAO PORT GROUP security is ranking second to the GNR one. To me it appears that the Chinese have got us by the proverbials if we fail to keep up to the schedules and their demands. And if we are to apply what has been written in this announcement in regard to the repayments schedule, it isn't going to be easy to keep up to them.

The only way that I can see it to work, is for the company to keep up with three shipments per month, and to cut back in some of that expenditure which, somehow has grown dramatically in one way or another.

IMHO, they could very well start with the Directors themselves and some of the Executives cutting back in their emoluments and when we will be out of this quagmire, if and when, and when they proved to us that they got us out from the bog, then they could refund themselves what they took as a cut now. Prove it first and then get compensated later. It would be unfair IMO that, while some of us could be left out hanging, they will continue to get their good pays and emoluments. Charity begins at home, and, as they say, you have to lead by example.

Sorry mate I don't enjoy writing things like these in regard to a company that I am heavily invested in but, although it hurts me doing it, I always like to call a spade a spade. And, being a bean counter for many years, besides having owned and still own some sort of businesses, I don't like to bury my head in the sand in the hope that once I will pull it out everything is going to be fine.

I would love for someone to prove me wrong on this one. I really do and you can believe me that it is my honest truth. But, me being me, I hate to look elsewhere and prefer to face any issues coming my ways upfront in order to avoid some rude shocks.
Maybe the company will oblige us in doing so, seen that I am of the strong belief that there is someone in there which is following these threads on an ongoing basis.

I do hope that neither you, nor anyone else here for that matter, will get me wrong. I do still have faith in the company, but it is my opinion that they will have to start in there to make sure that it will work.

Finally, I hope that if PLV will do this share placement, and there is no doubts in my mind that they will, they will give/offer the opportunity to the existing shareholders to have a crack at it, thus avoiding being diluted more than necessary, and not just placing it with GNR or someone else. It is my own opinion though that, if the placement will be done with GNR, we won't need an FIRB approval as GNR is a separate entity from WEG.
DYOR on that.

It is back over to you now humble et all.

Regards