Letsek, How is giving away the upside to an asset a good deal,...

Letsek,

How is giving away the upside to an asset a good deal, especially when the aussie dollar is moving towards 75 cents, if I recall, was around the point at which they said Mt Caittlin would be profitable.

If they were paying upfront, and helping us deal with our cash problem, it would be a different matter.


I would also like to make some other points:
- GMM only has a market cap of $450,ooo. GMM's only game is to get the plant operating profitably, and then raise finance to purchase it. We have given them that free kick. Also, does this option prevent us from selling it to someone else (for upfront cash) in the meantime? What if GMM go bankrupt themselves? They are hardly what you'd call a credible partner to resurrect an ailing asset, are they?


One final whinge:

The company is offloading our assets while in suspension for entirely different reasons to the reasons given for the suspension. For me its unethical to be making such decisions while we are in suspensions. Shareholders, who have so little power to influence decisions already, don't even have the option of exercising their vote by selling their shares. We are essentially locked in while management do whatever they hell they like.

The suspension should be lifted!

P.s. Be very worried if we see similar options agreements- which could be designed to put assets outside the reach of Chinese creditors - relating to our South American assets.