Do I move on and accept the fact that my judgement was poorly perceived with the MAK story???
I have been a holder in MAK for more years than i can remember, in fact i recently increased once again my holdings based on what i thought was about to happen, ie NMDC would sign on the dotted line!!!
I am now in the process of re-assessing my investment and when i look at the facts i am of the opinion that it is time to sell and move on to companies that stick to their committments.
On the 2nd June 2011 MAK announced the MOU with NMDC, that is now eight and a half months ago and now we are told that NMDC are still carrying out due dilligence and it could still be several months away before any decision is made, and this bit of news came , NO! not from the company but the Indian press!!!
If they think i believe it would take 12 months to complete due dilligence on Wonarah then they are bloody barking up the wrong path!!!
This is purely a stalling tactic by NMDC and MAK management have accepted it as they IMO have no other alternatives open to them in respect to Wonarah!!!
I could make a list a mile long of poor management decisions over the past few years, some of which i pointed out to them eg VERTE but i reckon all long term holders of MAK are well aware of them.
I had VERTE checked out by respected investment professionals at the time MAK made their announcement re the MOU and was advised that they had no track record and would have no hope of finding a financial partner for the Wonarah project, how come then did MAK management not do due dilligence on VERTE's credentials and come to the same conclusion.
For those of you who will be critical of my comments just go back thru MAK ASX announcements and see just how many times the company has failed to adhere to their Wonarah production schedules that they used to issue every time the same old Preso was released???
For those of you that are young enough you probably will make some money out of MAK as the world certainly needs a lot more fertilizer, but unfortunately i reckon i will be long gone by the time that happens!!
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