Corryong Kid is a fog horn for the incumbents or an extremely naïve individual who talks up Dart whilst his buddies feast on the not so fattened calf, after all they are the best management / board on the ASX.
Ironbark is not that hard to work out. He writes like an individual of few words and little intellect and seems to hang off Corryong like a toddler hangs onto its mummy.
Current management achievements include driving the share price to a near all time low after solving a metallurgical issue that was insurmountable by human kind. Additionally they have failed to secure the next tranche of funding from Red Kite (Orion). They even called out the second tranche of the Red Kite (Orion) investment on page 17 of the 2014 annual report "Dart continues to need to raise funds, particularly to fund continuing development activities on its newly invigorated Unicorn Project and looks forward to a successful outcome in October 2014 regarding the Orion Resource Partners second tranche funding of $4.7 million". Furthermore on page 58 of the annual report it states that "the Company submitted a detailed budget to the satisfaction of Orion as to the use of funds from the second tranche investment." Sounding like a fait accompli at this stage.
Seems like 3 months later Orion suddenly and unexpectedly changed their tune.
This management is so committed to this company that they own minimal shares in it and you know why ? Because according to Corryong there's a self imposed management embargo on buying stock as they need to wait to prove up the PFS to drive up the share price and then buy bucket loads of Dart. But no embargo on the fat salaries or performance bonuses to get Dart to PFS. Why would you need shares when you could take $200K - $300K in salary ?
According to Corryong there is massive shareholder support yet only about 65 million shares out of 243 million shares voted for or against each resolution at the AGM. What he doesn't tell us is that this massive support comes from a single farmer holding 20% of the stock who voted in favour of all AGM motions. I guess even farmers manage to get things wrong sometimes.
There are two certainties here folks that this company will be in poorer shape in 12 months time and that the numb nut posting multiple times per day will disappear as soon as the people pulling his strings do.
DTM Price at posting:
3.5¢ Sentiment: None Disclosure: Held
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