Ann: Notice of Extraordinary General Meeting/Prox, page-2

re: Ann: Notice of Extraordinary General Meet... Directors / management have no option but to recommend the deal to ensure their salaries keep rolling in as there has been no or little production over the past 6 months.There would be no cash other than the Initial $3 mill they have received which has to be paid back if the deal is voted down which means it would appear that it would go into administration. Along with the termination of many workers late last year it seems they have also disposed of a significant amount of mining equipment given depreciation amortisation expense has decreased from $2.5mill in FY 2010 to $900k in FY 2012.
Page 21 of the document is very interesting reading, financing costs increased from $800k in FY2011 to $1.5mill in FY2012 due to company decision to borrow an additional $2.8mill with interest on the additional loans calculated at 10 to 60% per annum!!!! I wonder who the lenders were, whoever they are they have certainly made a killing.
The more I read the sicker things really look " Relatively High Consulting expenses etc etc etc..
The only winners there have been and continue to be are management IMHO.

Mr Ooi it would seem is an astute investor so he is in this for the money, guaranteed return on his investment and may end up gaining control.
Of further concern Table 2.2 Potential Disadvantages.
"We also note that the BSA is subject to Singapore law which may introduce further uncertainty to investors more familiar with Australian laws."

At the end of the day we are only small retail holders, the Top 20 holders will be the decision makers and in my view they will vote for it.

DYOR My views, thoughts and ramblings only.