Ann: Half Yearly Report and Accounts, page-2

Well, lots of when and ifs as a going concern in this report to me. It made fairly ugly reading in parts. I'm no accountant maybe it's not as bad as I think? Appreciate takes from others more experienced in this area. Reading the proposed scheme of merging Trafford with IFE at least they (directors) have a plan. Whether this is just more pie in the sky thinking from our fearless leader or a well thought out and reasoned attempt to turn things around, remains to be seen. I'm praying for the second!

Some of the factors underpinning the success include:
a favourable iron price
a commercially viable agreement with Arrium
finalisation of mining & haulage contacts

Lucky Bay CUEF
How long for Sea Transport to gain approval through the Harbours & Navigation Act?

From the Statement of financial position as at 3/12/2014 "As a going concern, is principally dependent upon the ability of the group to secure funds and developing its mineral assets"

Lots of unknowns and questions ahead for this company. If things don't turn around fast with a sp of 1.9c at least we will be put out of our misery sooner rather that later I guess.

Appreciate others thoughts?

Cheers,
P.