Kori, I'm an optimistic person and I have always admired your optimism, it's the only thing that has kept me interested in Ord, but I don't see how a rights issue for a relatively small amount of finance with a huge dilution of shares will help Ord. It smacks of desperation. A couple of months ago we were told that sophisticated investors were getting involved, Ord needs to find 6 million to pay Dampier for the 75% and further finance to achieve production, sophisticated investors would be preferable to a desperate rights issue.
In my opinion Dampier now hold all the aces, with only 66 million shares and total ownership of the 410 sq k Plutonic Dome, the 6 million from Ord plus the 25% of Ord production represents a good return for DAU investors. If Ord fail to execute the FIJV then Dampier has full ownership again. I am told the new boss at DAU Mr.Carson is very competent and I expect that they will be willing and ready to act if Ord fail.
While being optimistic in general, I have become very sceptical about the ability and motives of Company executives, from the outside Mr.Zhu looks to have neither the ability nor the motivation to achieve success with the FIJV. Your group of shareholders hold the best chance of ensuring the future of Ord.
VAN Price at posting:
0.3¢ Sentiment: None Disclosure: Held
