While there is no doubt that Lambert has destroyed some...

While there is no doubt that Lambert has destroyed some shareholder value, to be fair - since ABU became PRX things have got a bit better.

The appointment of Tony Polglase is sort of relevant but does he have experience in fixing up problematic underground mines? Not mining high grade open pits in Brazil, but problematic underground Cu mines? I think the consensus is that a lot of blue sky was lost by AVB holders although since the OZL takeover of AVB most copper and base metal miners have had their share prices well and truly smashed.

I can see this has prompted not one but two emails from APAC to hit my inbox this afternoon - same letters as before promoting their own agenda of Brett Smith.

This is starting to look like a really divided dysfunctional board that doesn't have the luxury of time or a profitable mine as Nifty continues to demand attention and tough decisions. Could be all sorts of hidden agendas going on here an with most MLX shareholders well and truly underwater, I can't see many of them happy to entertain a larger conflicted and feuding board room that's bickering among themselves.

I finally brought my average down using the retail entitlement offer to just put me in the green with a small position and now MLX and APAC looks like they are going to put me back in the red almost immediately if the selling pressure increases. Holding MLX since the Nifty acquisition has been a total PITA for me and now we shareholder have all the fun of boardroom politics and examining peoples CV's to guess what their capabilities and intentions might be. Might have to consider getting out now and sit on the sidelines, but the problem is I can't see anything that's going stop the drift downwards so re-entering looks like a case of catching a falling knife.

Even if the price of copper went to the moon tomorrow, and they were able to turn Nifty around in a quarter or two, I still can't see the MLX share price responding accordingly and the only other end-game seems to be board division, APAC destabilization or some sort of downward drift into a low-ball takeover offer or asset stripping event. None of which are going to be good for shareholders.

Disclaimer: Ex-shareholder of AVB, current holds OZL, PRX, MLX original opponent of the WGX MLX demerger......