Cam Cam Cam....thank you for your great work.
Reading your post just confirms in my own mind what I thought was currently happening & what they have planned.
If anyone on HC has doubts just consider these quotes below from Ben that I have copied & pasted from Cams post....based on these quotes the LCY ship is being sterred in the right direction.
Don't panic folk's....sit back, take a deep breath & in 6 or 12 months time you will be able to look back & think what was i so worried about.
Excerts from Cam's post
"""""The reason being that management know the benefits that NMDC can and will bring to the table.
As we move away from the SSA and the EGM, Legacy will be in a position to provide better updates and communications to the market.
In terms of what Legacy and shareholders get in return, the union with NMDC cannot be underestimated.
NDMC are actively seeking projects to purchase and invest in as a means to secure end product for India and their growing population.
So the record date will be set after any such meeting and will provide shareholders with sufficient warning if they wish to increase their Legacy shareholding prior to the record date.
NMDC has $4-5bn in cash reserves and are actively seeking projects that can provide cash flow opportunities in a short period of time.
In addition, as noted in various announcements, an updated JORC resource is being calculated by Legacy on the Mt Bevan project, and is due to be released to the market shortly (end of January).
Since the EGM, the company has also had calls from various brokers who are aware of the benefits of having NDMC on the register and the ability of NMDC to purchase large projects that only a few companies in the world can attempt to buy. These brokers have had preliminary discussions with the company with a view to providing some support."
NMDC has recently entered into agreements to purchase a large coal project in Africa for circa $300m, and this provides a good indication of the scale and scope of project that NMDC is actively reviewing in Australia.
The board of Legacy is scheduled for a board meeting in the month of January, and many of these questions will be discussed at various points through out the meeting, and Legacy will be in a position to provide an update to shareholders now that a lot of the restrictions of the Share Subscription Agreement are resolved.
All the management of Legacy are shareholders in the company, and therefore have a vested interest in making this union work, as indicated by the fact there has been no selling by directors since the announcement of the deal with NMDC.""""""
The comment that sticks out for me is the one that mentions ""are actively seeking projects that can provide cash flow opportunities in a short period of time.""
Xmas 2012 is going to be a lot more comfortable for us all than Xmas 2011 was.
Cheers & Good Luck to all.
Be patient with LCY & you will be rewarded.
Digby :-))))
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