Ann: Shareholder Update - India Project, page-129

I personally am as sick as most over this debacle

However I think deep down I always had my doubts with regards to the NMDC go over my posts I never trusted them from day 1

They say a leopard never changes his spots

when doing DD on the company you only have to look at the partnership they are in now with LCY to see how they have treated those shareholders and board members

All the original board members have gone
Shareholder wealth has been decimated

When they joined the Co maybe 7 years ago the SP was around 16c from memory

Read how they played the long game untill such time as now they sit in the box seat basically own LCY and are talking about delisting the company with a multitude of assets they have picked up along the way

Yet the sp is worth Jack and SH are still talking about an offer, if an offer is presented it will be a low ball take it or leave scenario if you don't sell they will get the requirement and eventually delist the Co anyway

Which has obviously been their long term play grab as many Ozzi assets as you can destroy shareholder sentiment take control off the Co delist and keep all the wealth from those assets to yourself

Game set and match over a 7 yr period

As far as ECT is concerned how many times have we been over the have we been played scenario by NMDC

Well I don't think anyone can argue the fact we have been played

l personally believe they have tried to break ECT as a company financially to the point that the RCA could be played out no longer at which point as in

The now

They have played their final card

Our board members have obviously met them and they being NMDC have given nothing

They left our management with no other alternative than to terminate

In doing this I truly believe they have tried in this last ditch of silence to throw our company and its shareholders into turmoil which by the posts so far they would seem to have achieved

Will they sit back watch and come back with an offer of a helping hand that we can't refuse lol

I wonder

Do I blame the board for this

If you are in negotiations how can you blame someone for going down a path they are being led down that is for all intents and purposes a legitimate road to the final result

If I could throw a stone it would be for taking so long to realise we were being taken for a ride

The outcome of this is going to hurt no two ways about it for those looking for an immediate response deal from NLC it ain't gonna happen tomorrow that's for sure

This from where I am sitting is now going to take more time, we somehow have to try and get the local market 300,000 tpa plant signed off asap to bring confidence back to the market that ECT and it's tech is not actually just a pipe dream

Sad to see us all finish up in this position but hey I would sooner be rid of NMDC now than maybe let them onto our register and see nothing but decimation of the company anyway and maybe suffer the same date as the past and present LCY holders

Dissapointed is an understatement