Mate, you are not wrong; any attempt at a249D will be a disaster...

Mate, you are not wrong; any attempt at a249D will be a disaster for all concerned.

My take is that the BOD will close ranks and react as they did in the earlier 249D attempts.

If you recall,

6/09/2016 - Managing Director, Mr David Shearwood, stepped down and left NRZ.

15/09/2016 - Management restructure.

4/05/2017 - 249D Notice received (to remove the existing Executive Chairman asDirector of the company).

12/05/2017 - Notice deemed to be invalid and did not comply with Section249D of the Corporations Act. No meeting to be convened.

6/06/2017 - Second 249D Notice received. NRZ seeking legal advice onlegality of Notice.

13/06/2017 - Directors determined the Notice to be invalid. - end ofstory

6/07/2017 - Chairman's Letter. "249D Notices from a Small Group of Shareholders". A summary.

IMO, they will use a similar argument this time if a Notice is forthcoming. They will claim to be in delicate negotiations with financiers for funds for projects with a total worth up to $2.6 billion. And rightly so. Board stability is critical at the moment.

This is not a time for recriminations. Embarking on a 249D journey, at this point in time is shear lunacy, a death wish. There will be no winners, all losers.

Shareholders have to get it into their heads that money is tight, and the amount sought is astronomical.

For those who follow other fertilizer wannabes, take note of Australian Potash (APT) now in Administration. They just can't raise funds to keep it a going concern, despite having invertors of note, and established offtakes.

Please, don't do anything stupid. As an analysist once said, words to the effect of "If you don't like the BOD, sell up".

All IMO.






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