Pumkin, as with many stocks, you find the whole issue is that the holders don't want to accept the truth.
They have absolutel loyalty to their Board of Directors, no matter how shonky they are. I've done it myself in the past, and seen it happen over and over again.
Your point that they are paying Exchange far more than the mineral leases (that may or may not be able to be explored or mined) cost should be sending off alarm bells in all but the most foolhardy of holders.
Absolutely right that Rod has one hell of a lot of explaining to do - not only to his shareholders that didn't get the benefit of his first 'private' email to shareholders, but to the ASX and ASIC.
Make sure it's a well tied bow with no loose ends when you send the file in to them! Good luck.....
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