market heavyweight RIO TINTO and LCY, page-37

PS - Whilst it may give you the impression, I'm actually not bitter about LCY - I'm just trying to warn all the newbies the 'bitter truth'.

And the bitter truth is this:  it is the Chairman of the Board - NK Nanda that makes the ULTIMATE decisions for this company.  Not the current MD, not Mr Devinder Ramachandran, and certainly not the rest of the board.

The only thing that is beneficial for LCY is that the chairman and its two non-executive directors are not being paid by Legacy.  Whereas the current MD, Mr Ramachandran, Mr Stephen Shelton (chief geologist), Timothy Turner and secretary Benjamin Donovan are all under Legacy's payroll.

Unfortunately, the Chairman had the audacity to tell its shareholders at the AGM's in 2011, 2012, 2013 and 2014 of many 'promises' that never eventuated.  And may I remind you that the period from 2011 - 2013 were times of high iron ore prices.

That said, what makes you think this Chairman of the Board will plan to do anything for poor old Legacy this year when the markets are down and times are tough?