Metals -X in play, page-3

One thing I've been wondering for a while, is that given Nifty was known to need a lot of work when MLX first bought it from Aditya Birla, why Warren Hallam et al. let things cruise along, until it all hit the fan?

It's reasonable to assume MLX didn't know the full scope of Nifty's problems until some time had passed, but it seems to me that Management (and the Board who oversee them) were really dragging the chain on being proactive here - again, they knew it had issues before they bought it! Granted now things have changed, Warren's out and Damien (and others) have been brought in - but I think a lot of the issues at Nifty could have been minimized (not avoided), by acting earlier and in an orderly fashion.

And this Cap.Raise - when you look at where MLX share price has been and given Board/Management all knew Nifty needed a lot of work from day dot, it really is quite disgraceful that Shareholders are being tapped @ 15 cents. Unnecessary dilution and as a consequence, I wouldn't mind seeing some of the previously incumbent Board being shown the door - go sleep at the wheel somewhere else! They can't deflect everything onto Warren IMO. Having said that, I'm still going to take up my full Offer entitlement, because I expect MLX will be able to turn things around over the next few years (or so). It's also positive that the share price action has improved, since the cap raise was announced - though in general, I don't pay too much mind to short term price movements.