Barrier3,The problem is that their chosen broker allocated stock...

Barrier3,

The problem is that their chosen broker allocated stock to low rent, two bit, second rate, rubbish accounts in order to book a quick and easy 6% fee, period! Their ECM head should have been taken outside and flogged!

This highlights the one and only error of judgement that I have identified in the Tombador management to date - choosing that particular broker for the placement. Their broker really doesn't care in the after-market, just have a look at their deals.

With no interest in research or a long term relationship they have their eyes firmly on placement fees and this is why they will eventually come unstuck. They are the "Pump and Dump" broker without the "Pump".

Of course, the flip side of allocating stock to rubbish accounts is they provide fresh, but uneducated capital (in our case $20m), then dump it. This creates an opportunity for fundamental longer term investors and I sense this is what we are now witnessing.

So, let's not whinge that we now have $25m + cash at bank, and growing every day from this point until the iron ore price touches US$60/t.

Currently the wind is out of our favour, in terms of iron ore pricing, but it will change.

Keep some powder dry just in case!

Regards,

Pihrana