open email to mr nanda

Hi Bigstock et al.
Your posting inspired me to send the following email to Mr Nanda

Dear Mr Nanda,
I am writing as a very concerned Legacy Iron shareholder who is watching the value of his investment being reduced to virtually nothing in the short time that NMDC came in as cornerstone investors in Legacy Iron.
Recently the company attempted a rights issue which failed and was withdrawn. Now it is attempting to raise capital loans at exorbitant rates.
I understood from your company’s announcements to the ASX that NMDC would as cornerstone investors provide funds to Legacy thus avoiding the need for these loans on the market.
Why has NMDC not supported Legacy and can you please explain why your company has done nothing to support Legacy or made any attempt to explain to the market what its plans are?
Many shareholders are feeling abandoned and this is reflected in the historic lows to which the shares have recently fallen ($0.03).

Although the price that NMDC offered for Legacy shares was very low at 8.9 cents we the shareholders were PROMISED we would benefit through increased shareholders wealth which was why we voted in favour of the deal.

Since then NMDC have done nothing to fulfil their promise to us and now our investments are only a fraction of what they were worth before we accepted your offer.
We have invested our hard earned money on a promise that to date has not been fulfilled and rightly many of us are feeling angry and let down.

How does Your great country India expect to ever invest in Australia again unless NMDC makes some effort to redeem its tattered reputation?

Is this the case? Will NMDC be fulfilling its promises and if so how?

I am displaying this letter on the Hotcopper forum as I think it represents the feelings of many Australian shareholders.

There are many more issues I could raise but would like this basic issue of trust to be addressed.

From what I have read on the forum many emails have been sent with very little replies.

Perhaps you could take this opportunity to put many shareholders minds at rest and restore some confidence in the NMDC / Legacy Iron story??

Respectfully