The murky proposition from New Direction should cause holders to...

The murky proposition from New Direction should cause holders to worry…..there’s now a bunch of individuals who list “former shareholders” amongst their credentials…what does that mean? Either the MAC offer was so good that you guys sold for 20c ? Or despite your vast and relevant knowledge of the industry and assets specifically you didn’t think it was worth buying at 12c before the offer? But now you should run the company?

Really? Pull the other one. Seems to a stealth takeover by a group picking over the carcass of a failed takeover.

To speculate about what is behind New Direction, they have someone who will put in a bit of cash to pick up 5% in the ashes of what is left at ~10c (maybe why he is so unusually quiet?) they will then call a new 249d (because Campdebob’s embarrassing hot copper beg for a joint 249d was so unsuccessful). If they ultimately win there will be lots of dilutive equity raises making it easier to take over the company at a lower price or asset stripping by whoever this “bigger than BHP crowd” is. Of course I could be wrong but the vacuum of information allows the speculation! Happy to be proved wrong but to be honest having watched a number of New Direction’s leader and his sidekicks performances in the flesh he seems so corporately uninitiated that I don’t think even he knows what he is trying to organise or the parties he is involved with.

I’m going to dig more into the background of this crowd and won't contemplate buying back in until it is clearer what they are proposing....will be particularly watching out for any new substaial shareholder notices from new groups.