irvine island – opportunity for development, page-4

Mmartin may be you should ask for the PR position at PLV?

Do you remember the PFS?? $700m start up? PLV cant even source $20m to try drill and move Cockatoo forward? Well they have had months 5 and havent been to date but i am sure their trusty partners WEG will come to the rescue with a pair of golden hand cuffs. I think your focus should be around the $20m for cockatoo because if that doesnt come then the is no Irvine under the PLV banner as they wont be able to go on IMO or if they do you will be able to pick up shares at a major discount to what they are trading at now.

Irvine is pipe dream right now - if they cant get $20m for Cockatoo then how are they going to get $700m for Irvine?? One thing is for sure if anyone ever had a plan of trying to take over PLV the time is coming. If no one does then WEG will slowly turn the screws to line their pockets while the mums and dad have all value stripped out.

I simply think management arent up to the task! They either thought all was ok when coming out of suspension which shows how off the mark they are, they knew they were screwed and knew something like this would unfold and IMO made no effort to protect shareholders. So its either they have no control or idea or they simply dont care to deliver value or try protect shareholders and are hanging onto dear life while collecting pretty attractive salaries which right now cannot be justified based on performance.

The worst bit is the share price it has been one way traffic since the PFS yet you sell Irvine as the dream. So its at 6.4c – even if it doubles nearly all holders are screwed as most would have entries above 20c and much higher. The base has been set so low that to reach any real decent level to see money invested back or heaven forbid a profit it will take a very long time. When you put this up against the risk which is right up there it is hard to justify. The only way is the poker mentality of hey I have lost 90% of my stack so may as well lose it all or go for broke. My attitude was collecting something as opposed to nothing seemed the best option as I clearly now do not rate management.