Young trader you're spot-on in that Ady has been hammered by the...

Young trader you're spot-on in that Ady has been hammered by the market, and there is a lot of bad sentiment towards this stock. I think the general ill-feeling towards ady makes it hard to assess whether it's good buying or not - the bad sentiment stems from bad business decisions made by the company and a general sense that the company will continue to make poor decisions (or that they're just plain crooked).

Putting that aside and looking at recent releases presents a reasonable case for buying (though purely as a speccie). The half yearly report released on 16/03 actually indicated a modest profit (of about 850k), which added to the recent aquisition of 1.8m shares by Stephen Prior, and the fact that a number of institutional investors were willing to pick the stock up during the placement you mentioned would probably be cause for a bounce in share price in a less maligned stock (after an initial downward adjustment for the placement dilution - which we've already seen). No doubt the Naysayers will point out that the sp is downtrending and the company has a checkered history - points that need to be considered by anyone interested in buying.

Personally I think IF Ady can get it together to start digging up some of the estimated 42 million tonnes of cut off grade 10% iron ore supposedly contained in VIC's concessions, and get it on to ships bound for China then 1cps is a bargain (note the emphasis on if).

Best of luck to all those Ady holders out there.