re: Ann: Recommended Takeover of Remaining La...
Maybe the share price is going down because the Crescent operations are still the same shambles they were when Focus took them over and the Coogardie operations cannot supply their own mill with even 50% mill capacity and getting worse. They are laying off staff at Coolgardie and the senior positions are now all occupied with short term contractors with little or no background knowledge of Coolgardie and no intention of sticking around. It looks to me that Focus is about to give up on Coolgardie and shut the mill and mines down. Whether that drives the share price up or down, I don't know but my gut feeling is that it is headed to sub 1c. Some will say that will be impossable with the cash in hand but how much is really left and what is the value of assets in the ground that the company seems unable to develop? Looking at the 2012 financial report, Focus has liabilities listed at $72M. Looks like the chinese money was half spent before it arrived?
FML Price at posting:
2.0¢ Sentiment: None Disclosure: Not Held
