kohler was right in focusing on this disaster
the $1bn spent on that could have been used to retire all debts
imagine that we could have been debt free
If we hadn't bought Avebury we could have survived.
Avebury killed us.
Avebury holders (AGM) must be thinking they dodged a bullet
their mine wouldn't have gone into care and maintenance the whole company would have gone into administration
instead they got a 50% premium
Apparently Michelmore wasn't totally responsible
someone down the chain had decided to buy and Michelmore signed off on it
Kohler: didn't you decid to go ahead and buy Allegiance?
ANDREW MICHELMORE: I was certainly CEO as that decision had been made, I started in February the decision had been made in December...
ALAN KOHLER: So you did inherit the decision?
ANDREW MICHELMORE: The decision was made in December and I was aware of that decision being made through that period, I took up as CEO the 1st of February but that information being provided to me, everything looked sensible, that was a sensible investment.
might be difficult to go against previous decisions
at least I would find it hard to reverse decisions when I had taken on a new position and was trying to find my feet.
in this regard Michelmore is not totally responsible
from memory Michelmore actually lifted the takeover offer and he didn't need to
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