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clock Created with Sketch. 29/04/16
23:50
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Originally posted by bobminer
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Have just had an interesting call from Hong Kong which was very informative as to APACs outlook for the future of ABU. Their attitude is to work the company for the benefit of all holders and have admitted to taking their eye off the ball even before PRC came onto the scene & believing what ever some of the ego driven people on the last BOD said. We have 2 choices as to the make-up of the future BOD & the direction the company will take moving forward. If the majority vote is for PRC then we will hand total control of the company with a 49% possible majority stake on a plate & it will have cost them nothing.we also would never have a voice ever again. All they have promised is to spend the raised dollars on a 2 year exploration program, no mining at any stage has been mentioned. No cashflow of any sort. What we will be looking at is continuous capital raising into the future until our shares worth fades into oblivion. Under the present regime almost $4 million is being spent on administration, just for them to enjoy the leafy suburbs of Perth with the odd trip to site. I would go as far as saying that more time would be spent at Black Toms Bar in West Perth or down at beautiful Margaret River than what's being spent onsite. On the other hand APAC is suggesting that they raise capital with a lot fairer conditions for those like myself who don't have any dollars left & could not participate in the CR anyway. They will then take stock of the options available to the company with Brett Smith as a nominated director a very experienced mining engineer who incidently has a very good reputation for turning companies around, this will include the possibility of kicking off mining operations & having an ongoing cash flow as the exploration programs continue in tandem. I for one am going with APAC, for me with them we have a chance of turning this debacle around. With PRC they are in it for their own ends with minority share holders at the bottom of their bucket list. Everybody to their own point of view, but for me i want this company to succeed.
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Ok Bob, I will request to change my vote from a pox on both your houses to yes for APAC. Just hope they aren't telling us want we want to hear and are in fact genuine with their intent as you have explained it, regardless PRC's pitch sounds like a slow and painful death to me. Good luck.
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