It is true that SP has dropped!!! since the AGM where the options were approved. Most shareholders did not vote against it, so the fault is their own.
However the options are worthless unless the SP improves by 500%, so the directors have an interest in restoring value to the company. Several of the current directors have made placements to A1 at 20c or more last year when the company needed cash. As far as I know they still own those shares.
With WATPAC's account balance, they will likely have had a powerful say in controlling the mining, during the time that Albert has been juggling the finances to keep A1 progressing towards profitability. As you say, the mess has got worse in this time.
However it is in WATPAC's interest to mine the ore at Alpha and get it to the plant undiluted so that A1 can pay their bills and WATPAC can keep a good name. Trucking diluted ore 15K from Alpha would not be profitable.
Hopefully lessons have been learnt from mining Beta and will be applied in mining Alpha. If so then WATPAC will be successful at mining both gold and iron ore. The disaster which was processing the millfeed extracted from Beta is in the past, but A1 has to live with its incurred liabilities and pay them out.
With the ASX issues, A1 is in another minefield, which will cause unnecessary legal costs. Seems these are unavoidable now and will require extra billable services of Mr Hunts firm. Hopefully his charges will be fair and reasonable as disclosure problem seem to be entirely of the board's making.
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