I believe Ord has a very valuable asset in Laos. On the other...

I believe Ord has a very valuable asset in Laos. On the other hand I am most concerned that something needs to be done and quick to realise this value. With this in mind I have sent a memo to Frank expressing my concerns and providing feedback, as follows:

Last June, Ord shareholders had a net loss of approximately $26.7 million (4.8c a share). It appears most of this expenditure was directed at our investment in Laos e.g. , our joint venture with NFC under SARCO.

As you well know two NFC Executives located in China chaired Ord and had full control over Ord’s involvement in SARCO. Here, I believe Ord shareholders were taken advantage of by NFC and used as a cash cow for their benefit. Are you taking action to recoup these funds? In any case, can you provide specific details of both Ord’s and NFC’s expenditure to date under the SARCO joint venture.

Many times shareholders were told how lucky we are having NFC as a joint venture partner. From where I sit NFC has turned out to be a wolf in sheep’s clothing and has sucked Ord dry of funds on your watch.

Events over 4 – 10 last May would have raised many eyebrows and seen as something rather tricky. I for one found it most unprofessional that you offered your resignation, which was accepted, followed by your promotion to CEO a few days later with much increased holdings.

Announcements largely seem to regurgitate well known information, coupled with vague motherhood statements. For instance, the last quarterly stated: We are continuing our review of our future position in the j.v. and have sought opinions and suggestions from experts to assist in formulating the way forward. As usual, this is all rather woolly and disappointed shareholders want proper feedback. Why can't you enunciate who these experts are and what were their opinions and suggestions? We particularly want to hear your analysis of the situation and plan forward.

It seems Ord is locked in treading water mode and achieving very little, evidenced by the fact that the share price has reduced from 2.5 cents to 1 cent over the past year. Sadly, Ord is now left wide open to a take-over by NFC for peanuts.

I trust your interests are fully aligned with Ord and not NFC. Also, you realise timely action needs to be taken to ensure the full value of Ord’s most valuable asset is realised. Your shareholders rightfully want a good return for their funding of SARCO. I’m sure BHP, Rio Tinto, Alcan, RUSAL, Glenmore and Xstrata would be very interested in a world class bauxite resource, coupled with an Alumina Refinery in Laos.