Bonies I do blame the board. I researched the project and read company announcements in detail before buying. I built a reasonable sized holding based on good faith the directors were working for the benefit of shareholders. For 3 years and as recent as July this year the company was still preaching the quality of the coal, the low cost of production, likelihood of off take agreements and the likely access to funding. Yes the coal market is depressed but if the company announcements are true this is a quality asset.
the shareholder vote is a farce, the directors and their close associates control most of the shares.
if the directors really believe they are acting in the best interests of shareholders why not return all the capital to the shareholders. When or if they then find a new asset the shareholders be the first in line to raise any required capital for a good project.
I think we all know that only those shareholders closely associated with the directors have any faith or trust in this board.
AYA Price at posting:
29.0¢ Sentiment: Hold Disclosure: Held
