After holding this stock for 4 years and buying several million...

After holding this stock for 4 years and buying several million shares i am completely devastated.

I have personaly expressed my disappointment to Phil and the Company Secretary the way we have been treated. Have been told that due to a lack of funding across the globe ADY Board had no choice but to accept the best available offer( from Hedge Fund) or go into liquidation. It appears that lithium takeoff agreements were also nolonger available.

So be it!

We have done calculations on iron ore and have found that it is a viable venture with the share price valuation of 38c based upon production of 1.6m tonnes. Which could be possible once Besalco move from the scene. Note even if the estimated Operating costs are increased the shareprice is worth heaps more than todays bailout price.

So here's hoping for a recovery!!!!
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Santa Barbara Iron Ore (ADY).
FYE 2009/10

Consolidated Shares 0

Tonnage I/O Price Earnings USD

1,600,000 75.55 $120,880,000

60% ADY Equals $72,528,000

Less OPEX @ $20/Tonne (60%) $19,200,000

EBIT = $53,328,000

Finance Costs $0 $53,328,000

NPAT (30%) USD = $37,329,600

AUD $1.00 = 0.7

NPAT AUD AUD $53,328,000

Shares on Offer = 1,134,457,841

E.P.S. = 0.0470

P.E. 8 0.376

Share Price = $0.38