Every deal (Bergen, CMC, NAB overdraft, Investec) has been put in place for one goal, IMO. To pay salaries and related party transactions for the next month.
Bergen was effectively $450,000 upfront. CMC $1 million upfront. NAB $500,000 upfront. Investec $2.5 million upfront (one huge drawdown) to keep paying salaries and related parties for a few months.
It has been an absolute disgrace.
What also bothers me is how the story keeps changing to suit their agenda. Case in point, page 12 from yesterday's quarterly report:
Column 1 Column 2 0 2018 AGM Wording New Wording in Quarterly 1 Maldorky: Obtain mining lease (excluding native title) Maldorky Mining Lease Submission 2 Portfolio: Pursue divestment of iron ore projects Portfolio Pursue transaction on iron ore projects
Clearly, under the original 2018 AGM wording Maldorky in the 1st Quarter ending 31 March 2019 it should have been tagged yesterday as 'Delayed'. But with the new modified wording, Hey Presto it can be shown as 'Completed' in yellow.
But of course they did not bother to tell shareholders yesterday that the wording had changed on the 2019 Scorecard from that shown by Walter Richards in his CEO 2018 AGM presentation (page 43).
Transparency and good corporate governance are sadly missing from this Company IMO.
I am sure they were hoping shareholders would not notice the corrections to the wording in the above table.
"If you can't do the little things right, you will never do the big things right." - William H. McRaven
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- Ann: Quarterly Activities Report - Period Ending 31 January 2019
Ann: Quarterly Activities Report - Period Ending 31 January 2019, page-12
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