I used to think denial was a river in Egypt. But having watched in amazement over the last few year as PRW shareholders talked up their investment, I now realise its true meaning.
The fact that shareholders let AM go on running the Company after it came to light that he sold over $100,000 worth of stock on the same day that he incorrectly reported results from Lindeman's Bore (the share price rose from 3.5c to nearly 20c and he compared it with Norilsk) says it all. See http://www.ntnews.com.au/article/2009/06/16/58621_ntnews.html
If I was a holder, I would be wondering how the Company will fund itself after burning through $1.8m ($1.4m in admin costs) in the last 6 months and with just $660k left? The rights issue is well underwater (5c exercise vs 2c share price). Maybe AM will loan money to the Company on "commercial" terms?
PRW Price at posting:
2.0¢ Sentiment: None Disclosure: Not Held
