"repay the faith that our shareholders have had in us"- Mark...

"repay the faith that our shareholders have had in us"
- Mark Earley, BRR, 18th July 2011

http://www.brr.com.au/event/82290/mr-mark-earley-managing-director

Having read the notice of AGM and recent posts I can't help but think back to a BRR interview with Mark almost 4 months ago. His comment above was in relation to being approached by a number of investor groups where he reiterated that he wanted to accommodate existing shareholders.

Perhaps I was overly optimistic, at the time it seemed like nothing could go wrong for Mongolian Coal, but to me this did and still does give the impression that CEO was in the drivers seat at the negotiating table and were determined to look after existing shareholders first and foremost. In my definition, that equates, at the very least, to the preservation of capital for existing shareholders, and even more so, to the appreciation of that capital.

As long term investors have seen their share capital erode since this announcement was made, and now we a presented with an AGM asking for shareholders to accept a share consolidation and a huge issue of shares to Board members, one question stands out above all others,

Mark, how exactly is this repaying the faith?