Hi, I got the following response from ADY, when I asked them...

Hi,
I got the following response from ADY, when I asked them some questions, could be useful to you... doesn't look like much is actually happening?



Hi,
As a shareholder I have a couple of questions:
1. When does the company expect to start shipping iron ore again?

ADY: The port is currently closed for fruit export and it will be so till mid February.

The ability of the company to start shipping fully depends on the production rates.

The mines are currently not being operated as Besalco withdrew most of its equipment after 2 invoices had not been paid for and production has not recommenced and the replacement of Besalco is being studied.

Negotiations continue with third parties with regards to the use of a larger port to cut down freight costs.

As per the above, it is difficult to ascertain when the next shipping will be. There is a possibility of being able to load a ship in the first quarter of the year, but shipping is most likely to place in the second quarter of the year.


2. Will you replace your subcontractor?

ADY: This is being reviewed.


3. When do you expect to receive the payment from CMSB? Is there any doubt the payment will not be received?

ADY: The debt is due on 19 February 2009 and CMSB doesn’t have enough cash reserves to service the debt. The company raised an debt impairment on the 2008 account for US$37m. ADY has got a fixed and floating charge over CMSB’s assets and would enforce it if payment didn’t occur by the due date.
Kind Regards,