shareholders meeting and loss of faith

One of my rules of investing is to understand the company I am investing in and the market for their product. Now coal (especially coking coal) is still a high quality long term investment. Coal companies export much of their product overseas and this demand will continue - Japan, China, India - there realistically will be no let up for the foreseeable future. We all have been hit with the likely outcome of a carbon tax. Now this should have less impact than a fluctuating Aussie dollar. (I am no lover of this tax and do believe it has been poorly implement - more a wealth redistribution tax- less and less incentive to work hard and take some risk in this country!)
So what is going on with this company and its share price! I have the shareholders meeting docs here and the employee options information.
I have stuck by this stock given the fundamentally good product and best info I could glean from company reports but some is not right. I have lost a ton of money over the last year. The price just keeps dropping.
This was $1.91 pre GFC then dropped to $0.23 at the worst of the GFC.
All started looking better with the SP around $0.90 at Christmas.
Then there was the shareplacment and I topped up. BAD mistake!!
We are now down to $0.295.

What is going on! The resource was upgraded at the start of the year. Why so low? Where will it stop?
I would buy at these levels except I have lost all confidence in the long term recovery of the share price. The directors have been buying.
The parent company has been making some serious money. So where to with this company?

Anyone going to the shareholders meeting?