Ann: Update on Capital Mgt Initiatives - Note repayment extension, page-44

Seems to me there are two arguments going on at once here. They just happen to be both right. Hopefully the company is moving in the right direction. We did get $8 million revenue in the March quarter. Lots of good works like mine development, safety, mill refurbishment resulting in increased throughput etc. The magenta zone at A1 should be in action by now. Is it? That's the working of the mining business, that many are saying is in order. Let's hope they are right.
Then there's the Corporate. Shareholders, investors, financial planning, Board responsibility, Communication, ie. Governance. Lot's of criticism here and it is hard to fault much of the criticism. So the critics are right too. Last night was yet another let down for those waiting. I've been here for well over 10 years, and started buying Octagonal at 20c. So hardly come under the umbrella of a day trader. Was alarmed at some of the Capital raising, alarmed at the company's own auditor saying it is at risk of not being able to meet its obligations. Some of the company's own 'indicators' such as the company expects to be able to repay the Con Notes on maturity, have signalled wrong turns. Worse still we continue to be suspended while another 'indicator' of Notice by close of business 4/7/18 signalled another wrong turn.
In the end, if we can get both the mining business and the Corporate side of things, both working together for the good of the owners, we'll all be better off. That's all I think both sides are asking. And my view is they are both right. This has to be fixed beginning at Board level, where it is obvious a different form of expertise is required. One way forward is some resolutions from shareholders to address the current Board's shortcomings. As an example, when we did earn $8 million in a quarter, who did the financial planning and approved all the expenditure, so that all that money was spent. I believe the shortcomings include the vesting of too much power in one individual, and that's never a sensible thing. That's something that can only be fixed at Board level including composition of the Board.
Finally, even if the company comes good financially through it's mining success, don't ever forget, both sides are right.