j/v partner stumbles again.

Our loyal joint venturer has stumbled again and has had to cancel their latest effort at raising funds. The entitlement issue which was expected to raise up to $25m has been cancelled for some obscure reason. It seems as though this entitlement issue may have been intended to fund Lcys' purchase of our 40% stake in Mt Bevan. If that is so it
highlights once again the incompetence of Lcy and NMDC as they stumble from some plan or promise to Lcy shareholders totally destroying their credibility along the way.
This at least on the short term cancels or delays the bonanza expected by haw holders i.e. final settlement of our 40% stake in Mt Bevan. It also imo calls into question the whole future of the joint venture as it seems obvious that we cannot rely on any commitment or future statements forthcoming by Lcy.
With the benefit of hindsight it seems as though we have made a big mistake by allowing Lcy aboard the Mt Bevan venture, but moreso Lcy have made a bigger mistake by inviting NMDC as their funding partner and major shareholder.