Ann: Share Purchase Plan Offer & Application Form, page-38

When you keep having delays, you are increasing deficit. Every day that they delay production is a day without revenue but the expenses are continuing to mount. If the money is not coming from revenue then it has to come from somewhere else. I have forgotten now what was the original production date(for Mg) - I think it was April 2023?

This is a fine example of poor management and leadership. I said it before and Ill say it again; This is why you need to have the MD on a performance bonus remuneration package. DP and the rest(6 non-executive Directors) of the Board get their salary irrespective of delays, capital raises, etc. There is no consequence for them - only the shareholders suffer. At least 25% of remuneration should have been contingent on getting to production by the agreed date. The share price will now fall thus eroding the beneficial impact when(and if) they announce production. They failed to understand the labour market, they failed to have such conditional clauses in contracts and they failed their shareholders and in addition, not telling us what are the underlying drivers of the cost overrun. How this al slips though a Board with 6 non-executive Directors beggars belief. Silly me for remaining a loyal shareholder.

What I particularly find offensive is this:
The Board therefore has listened to these wishes and are providing an opportunity to participate in this raising.
As if to say, Oh well, we really didn't want to have a capital raise, but seeing that so many shareholders complained of being locked out of participating in the last two, we will have one so you can participate. The Board is operating on the assumption that "non-sophisticated" shareholders are too stupid to see what they are doing.

Well, let's get this raise over and done with, and I can only cross my fingers to hope that there are no more delays and capital raises. My greatest concern is that the Tax Office is looking for a big sharp pineapple. I would really like an update on that rebate.

rant over!