mushrooms, page-12

Hi Kiwi. I expect that we will see final approvals for the MT program in Spain. Prospex CEO is our project manager and so far he has been getting other Prospex ventures up and going so his track record seems pretty good. They have been claiming late harvest and more recently final approvals for the delay. Spain had significant political upheaval this year. I suspect change in government could have had an impact on approval times esp since the current ruling party leans left of centre with an environmental bent. We are getting close to Xmas. I would be surprised if we start anything before then. Just a hunch.

Who knows with Uruguay? So many unanswered questions and we have no control there now. Not that having control ever did us any good. Shuepbach still seem keen on the project just not with DC at the helm. Our % in the project is shrinking. I wonder if that trend will continue considering our financial position. It sickens me but I can't help but feel we might have to walk away from Uruguay. Mgmt have alluded to disposal of projects on unfavourable terms if necessary and also stated a rebalance of our asset portfolio toward Australia. Sounds to me like they're after a fresh start.

Our new chairman appears fairly accomplished from what I have read and he has a financial interest in the company so I am hoping he can be a positive influence. With sp at an all time low and confidence in mgmt shot I can't see any significant upward movement just yet. Everything lays in the shadow cast by the disappointment of Uruguay and the enduring uncertainty. We need resolution on some of these outstanding issues to move forward. DC's brand is pretty toxic for many holders now so that doesn't help.

I think we could easily have to wait at least 12 months more before the tide begins to turn. I think we have options to avoid folding but the outworking of any solutions to our issues could be brutal on long suffering holders. I think if DC manages to fix anything it will probably be because he fell into it ass first.

All imo of course. A lot of this debacle has been a first for me. I am not even close to being a seasoned investor.