Rights Issue, page-24

I haven’t posted here for a while as I get bored with all the negative sentiment flying around but thought I’d pitch in with my two pennies worth.
I have taken up the opportunity of the rights issue as well as a few more as I see the exercise and management's proposed plans as a significant step forward in the company's development. The criticism of the management from others might well be warranted (I myself have complained in the past about them not flying the MNC flag enough) but the fact that they are putting their own money down is significant and reassuring, and to my mind undermines all the pointless sniping about management remuneration. Make of it what you will, but their investment demonstrates genuine confidence and commitment in the company’s future.
A lot of shareholders, myself included, will have seen the value of their MNC investment eroded over the last few months and years, but at the end of the day it was their/my choice to keep invested. If you’re unhappy with MNC management or don’t believe in the fundamentals and have still let the value of your investment erode then, quite honestly, who really is to blame? Certainly not the management team. Take responsibility for your own actions.
The company might well have been able to sell LC before now, but in all likelihood for a stupid figure. I’d be blinking miffed with that outcome and would rather have them take things to the wire than let it go for peanuts.
The bottom line is the world we live in has been going through crazy economic times and unfortunately trying to advance a project as complex and massive as LC was never going to be easy. And as for the legal dispute at Mollacas, that was just plain bad luck, nothing else. But these things are the same for all mining companies - most projects take an inordinate amount of time to develop, have significant obstacles to overcome, and rarely present a ‘get rich quick’ opportunity. Throw into the mix a global economy dragging its backside on the floor and the life of a miner gets ten times more difficult.
If you’ve come into this particular game thinking you’re going to make a quick buck, or turnover a profit in a year or two then more fool you.