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What I've just read here today leaves me feeling sick in the stomach. I've held shares in AVQ ever since I fell for that ridiculous "Nickel Eclipse" report by Port Phillip Publishing, describing in hyperbolic terms an imminent situation that never eventuated. I paid 46 cents each for my first lot of shares and have been adding to my holding after every significant price drop, ever since. Yes, I thought the move to Hong Kong was a bit odd, but I believed the rationale for it. We've been lead to believe that re-issue of the Isabel mining licence is only a matter of time, but I DO WONDER why it has taken so long. Maybe, for reasons that we have not been told, the SIG has NO INTENTION of issuing it to AVG?
When I read the obviously non-viable share issue documents, I filed it in the WPB, but I didn't think it through far enough. If everybody else did the same, it wasn't going to work, and the share price would drop even further. Of course it would drop - but I didn't see that coming.
When I read the gobbledegook about shareholders not being shareholders, but "beneficial entities" who own CDIs, with someone else I'd never been told about holding the actual equity (or title - the terminology confuses me) I was really angry. But what could I do about it? I still wonder why it was set up that way. NOW I'm wondering if it was a premeditated part of the scam to allow any remaining equity rug to be pulled out from under us - leaving us with what? with shares in what? with what so-far unstated liabilities? Can anyone reading this with a better knowledge of these things explain that for the rest of us, or look into it to find out exactly what it means?
What I don't understand is why an enormous, reasonably high grade nickel deposit that is so close to the surface that they could start mining tomorrow with a D6 bulldozer and a tiptruck, for which an offtake agreement has already been signed, wouldn't go ahead. Why would you deliberately prang a resource like that and settle for a scam instead? Am I wrong in concluding that a working mine in a stable, low-cost location, close to a major consumer, is worth a lot more than the scam?
Given the proven resource, what are the prospects of a take-over offer?
Where does Gunvor fit into it all? Are they being taken for a ride also?
Grunt.
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