re: Ann: Extension to Closing Date for Rights... Tombu - i...

re: Ann: Extension to Closing Date for Rights... Tombu - i appreciate what you are saying and I'm as concerned as any shareholder that the cash reserves of this company are very low. However I have to balance that with the following on just a few of the recent issues:

Use of the UMC funds (with little or nothing to show so far)
Red Bore
Handling of this rights issue

In just the context of those 3 issues should I be handing over more of my money to a company that is not demonstrating an ability to invest it wisely (noting that Phil Crabbe is back in an executive role and I consider that a good thing)??

If they need to raise funds to fight a legal battle over Red Bore and than can up a good case for winning it then say that's what the funds are for.

To just ask for more working capital after burning through so much case and value with little to show is almost a bridge too far.

So that's a more in depth explanation of where I'm coming from.

I'm a bit bi-polar on this stock. I think its got great potential with its tenements but I'm unconvinced that shareholders funds have been deployed wisely and remain lacking in that confidence until proved otherwise.

I did hear from a friend in Perth that Red Bore is potentially a cracker and that's why the existing owner is putting up a fight and not wanting to handover 60% - this was on the basis that if there wasn't much there why would you potentially go through a lengthy legal action to defend something not worth much.