fat prophets, page-87

Their position was hold. As I said the last time they recommended the share in the weekly M&R report was 30th May 07. They have reviewed the company 4 times since then each time with a hold. Two of those reports have been the last two weeks. The first one based on the quarterly report, in which FP said they were encouraged by the results and suggested the company would do well once steady state production could be demonstrated. They stated they would look for a buying opportunity when this had been demostrated and the market had calmed down (or words to that effect) The second report came the day of the announcement regarding below target grades/production and I quote FP;

"We felt then (last week) as we do now, that the company must demomstrate that it can meet and maintain its production targets, before it will recieve any form of market re-rating. Essentially the project has to become cash flow positive"

FP acknowledged the problems, noted what needed to be done to fix the problems and, from their recommendation, felt the problems could be rectified, hence the hold rating.

Hardly the roaring buy rating that a few burnt punters on here would have you believe. For the record I hold 100,000 shares and naturally I'm pissed that they are in admin. But I hold myself responsible for not letting the market tell me they were in trouble with the fall from 50 odd cents down to 15c. I bought on FP's original recommendation, stuck to my 2% of capital rule and am prepared to accept the fact that its my own fault that I didn't sell (and even picked up 25,000 more 2 weeks ago) Personally I think management may have been dishonest (I guess we'll find that out in due course) but I certainly don't blame FP as many people choose to do, because they want to pass the buck for mistakes they made.

If you don't accept the responsiblity yourself, you subconciously tell yourself you did nothing wrong, so therefore there's nothing to change, hence, you'll make the same or similar mistakes in the future rather than correcting them now when the problem has been identified.