Yeh, I did wondering if they are watching the voting. 90% of asx shareholder votes don't get the likes of me participating, but a situation like this...
I'd like to see some updated and detailed finances to know exactly what I'm voting for. A balance sheet with projected expenses and revenues for the near term.
I haven't done the numbers, but I'm guessing if they'd done a CR back at 3c they could have paid all creditors and a good slab (if not all) of their debt in one go (and the current price wouldn't be 0.5c). Shareholders would have complained, but the picture would have been far nicer than existing. Now they are issuing so many shares they are essentially forced to issue options as well to sweeten the deal and allow shareholders to still holder a significant portion of the company. As I said before, hindsight is a wonderful thing, but this oversight in forecasting the financial situation of the last 6-12mths is the main issue I would say management have dropped the ball on. Road collapses and plant inefficiencies are not something you can pin on the boss but how management position the company to handle these unknowns is the important thing for me. They've obviously been running paycheck to paycheck (as many of us do!) but that doesn't allow you to deal with collapsed haul roads etc.
That's all just my thoughts on things. I have already seen there are many differing opinions on these threads.
KBL Price at posting:
0.4¢ Sentiment: None Disclosure: Held
