AVZ's response is quite frankly laughable. The treasury is running down quickly, the Board has done nothing apart from start unwinnable legal fights with its partners in courts so far out of its jurisdiction it has zero chance of success, and the project is now compromised. They had a chance to get a deal done a year ago, squandered it and now all they have left is threats.
This AFR article was spot on:
What they arent noting in the announcement today is that they will have to pay MMGA's costs as well as their own; they lost the fight for access to shareholders within a few minutes. Another $200,000 of shareholders money pissed up against the wall. Their lawyer was obviously a genius too - managed to stuff the MMGA case. Well at least the lawyer got a win; but shareholders got shafted.
Anyone who thinks Nigel and co deserve to run this needs their head examined.
We need a better solution than the last year of rubbish.
AVZ Price at posting:
78.0¢ Sentiment: Sell Disclosure: Not Held
