haw annn, page-19

ResourceKing,

Thumb up from me. You give a good summary of LCY's management style and behaviour: ego. Ego isn't always bad but you need to be excellent to be ego.

I praised them for the deal with HAW. No doubt it's pretty cheap and it increases good value to both LCY and HAW. It was the reason I bought LCY long ago. When Heng transferred her shares to non-reportable holder(s), I started to guess if LCY has great future, why did she need to do that? There might be a range of reasons. To be in a safe side, I assumed she wanted to sell them without affecting LCY sentiment. Fair enough, she is taking care of LCY holders if it's her intention.

Things gets worse when HAW made a strange ann about their efforts to include haematite drilling. LCY didn't do that and came a rather forceful 60% prize. The money you spend at the earning in stage is effectively the JV money. LCY didn't give a thing about its 40% partner. Today HAW letter to its shareholders confirms HAW's sentiment about the Mt Bevan JV. HAW didn't give a thing about the Mt Bevan JV and its partner. The $15m is for gold exploration. Mt Bevan was mention as "developing iron ore asset".

In short, the JV is not working properly. I don't blame LCY or HAW as I am not sure. I let you draw your own conclusion. All I can say is LCY management should stop its ego unless they are excellent.