doca vote against, page-2

Olympian.

What is your opinion of the evaluation of the CMR's assets presented to us in the proposal? I know you were a big believer in the potential of the sulphides however the proposal has allowed no evaluation of the sulphides in the event of a liquidation.

Perhaps YA global and Coffee house want this proposal to fail.

They can liquidate the assets for more than the current valuation and as creditors they will take the proceeds from sales. HNC as joint venture partner would resume mining at Browns (they have already begun preparations for a restart). HNC could side step FIRB by bringing Abra mining in as a JV partner. Creditors get the money, HNC gets the resources. Shareholders get

Things that have happened under administration to ensure failure of the proposal:
a) No explanation / investigation
b) Under the proposal, given the lions share of shares to YA global (the enemy of CMR).
c) Under the proposal, established a creditors trust, whilst at the same time loaning more funds, some of which will be used to establish the creditors trust.
d) Under the proposal, nominated phoney directors - not miners
e) Last minute director resignations with no explanation.

Every announcement serves to confuse rather than inform.