It should be apparent to all shareholders that the major reason for the share price decline is INDEED the dilution of the shares by the so-called capital raising early last year.
McInerney spent a lot of his own money trying to get the decision to issue 1.4 billion potential shares to "select" parties. Obviously, it was also in his own interest, as a shareholder, to do so. If he had been successful {and it appears that he was to a minor degree (we do have a second chance to stop half of them)}, we should have then regarded him as a good ally. We do now know at what point-of-time DM decided to sell some? of his holding; it could have been at a time when the sp was high, and he may have, like many others decided to do, to take a profit.
Secondly, I continue to believe that DM was misled concerning the gold prospects. The fact that he was Chairman means that he should obviously bear much blame for that, by in turn (unintentionally as I believe it was) misleading shareholders at that AGM a few years ago. DM is obviously not "friends" with the current board: and I thank him for his efforts in trying to overturn the directors' decision, and also for providing the relevant documentation to inform us of the major recipients of the "0003s". Regrettably, the details of the minor recipients of the "0003s" was not publicly released!
So, unless you received some of the "0003 capital raising last year, I cannot see any possible value in supporting the resolutions. A "No" vote at the AGM (it may be too late to send in a proxy soon, if not already too late) - if you're able to get there - is required to have any chance of stopping the piggy backs.
PDY Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
