Ann: Non-Renounceable Rights Issue and Option Exe, page-5

re: Ann: Non-Renounceable Rights Issue and Op... Currently Havilah has no licence to commence mining Portia.
It is an absurdity that our current directors have actually engaged a Mine Manager to oversee a project where there is no evidence to suggest that it might become operational any time soon.
In any event, Portia is little more than a distraction to the main game.
The promised substantial capital return from a successful sale of Kalkaroo seems to have evaporated only to be replaced by the horror of a capital raising, which, of course, in this economic climate, has no hope of achieving its goal.
Perhaps our directors have forgotten that shareholders have already given their consent to the issue of 20 million new shares if funds are required for the development of any approved projects.
However, as shareholders have already had their holdings savagely diluted, as a result of a massive failure of managerial oversight and nonsensical takeovers, the issue of these new shares would see shareholders equity reduced by over 50% in the space of the last year alone.
The strength of Havilah lies in its remarkable history of discovery, its current inventory of resources and its prospects for on-selling commercial assets in order to provide its loyal shareholders with sound capital returns.
Our directors have no history whatsoever nor known expertise in producing anything and it would worry me greatly, if at this late stage in their careers, they attempted to become involved in this aspect of the industry.
I hope our current directors are ever mindful that our AGM is looming.
The way forward remains as clear and as obvious now as it ever has been.
Find it, sell it and give us our money.
It really is that simple.