Hi all, have awoken 4.00am & gone through my note's taken at the G.M.
There was much implied at the G.M. APAC rep's stated the big differential between
the original proposed rights issue from APAC at 2.25c to raise 14 mil was that it
was renounceable.
This created a flurry of responses from approx. four different individuals in the room ,
those that commented combined responses stated the following.
The reality being these renounceable R.I's are useless as they will not be able to be sold
into market & would not offset the resulting collapse in share price that would result from a R.I.'s
price proposed of 2.25 Cents per share, as ABM has to little liquidity & turn over volume per day
to absorb that many renounceable rights, further precedence examples of other low priced stocks were
mentioned as to give example-APAC did not rebuff these claims.
B.L. then entered the conversation & stated he was aware that the APAC R.I.'s proposed
also would result in massive dilution, the ABU share register would have ballooned to almost
one billion share's, it would result in massive dilution to share holders not taking up there R.I's
& therefore was why the APAC renounceable share offer was declined.
I got the impression the renounceable aspect of the offer was to seemingly offer those
most effected ( not able to take up there R.I.s) a carrot to sooth the pain that in reality
turns into a lemon!- IMO Deception could be considered but not absolute .
B.L stated ABM's cash reserves ATT & situation was dire some Directors -were concerned
there was a real risk of receivers coming in & ABU being wound up as the risk of insolvency
at the time was real, & there was an urgency to sure up cash reserves through a R.I's, & that
support had immediately been offered by PRC , further since this time the gold price having
risen & record tonnage through put at Coyote had certainly helped ABU's cash reserves.
I can say his statement reverberated through me as after the last AGM in December,
I was taken back with the appearance of directors when I first entered the room,
I have never seen a colour so grey on the faces of individuals - the Directors in the room
& in the middle of a W.A summer !,they sat hunched over & ashen faced as they new internally
what they likely were facing from investors & my interpretation was fk this is going to be
beyond bad before anything was said.
So I do believe the bottom line ATT was indeed grave, further during & after the meeting I was
determined to have my say-so did others inclusive of Bobminer, I was extremely pissed off
( as we all were), after the meeting I approached Mike Etheridge & asked WTF ?, stop fking around
& implement 24/7 operations ASP- he mumbled something about only being able to extract ore from
the O/P pits during daylight hours, this only infuriated me more as I replied b/s you have mercury
vapour lights & mobile power generators & walked away infuriated & disgusted.
So I do know who was thrown into the deep end at the time to face investors as D.H. had not grown
a set & had scurried off-imo-(appalling behavior from our M.D--not to face investors),
& that was B.L. -so resect or loath B.L. is up to interpretation but myself I can't help consider if our financial situation was as bad att it would have been far worse should B.L. not have implemented 24/7 processing at Coyote, is he the right man with the right skill set to take us forward & drive the share
price through discovery-I don't know but I like the immediate term vision indicated, to get us off the canvas while we await potentially Stella Bumblebee & Hyperion drilling results & see what transpires.
Bill you get some incite into the ABM situation from scanning ASX reports, but its virtually
impossible to grasp situation awareness gained through being a LTH that we have, further
none of us fully understand even now, all that has transpire its complicated, day by day pieces
of information are being discovered & reviled that are not only falling into place but building
a rather compelling picture.
Make no mistake no one fights over the ugly girl-( no offence meant ), focus on the core of reasons
behind the corporate shenanigans we are all enduring.
Would our largest share holders be acting in the way they have been & one of them trying to
control the ABM -BOD -by stealth & only holding 14.8% of ABU, if assets ABM holds are not
very likely in the near term to be worth significantly many more times there current worth?
As I have said many times before, think about the discovery of Bumblebee & conformation the target
is 500mts long & potentially down to 400mts depth, this represents massive potential
volume & its a multi-element discovery, first round drilling shallow & directly on top of the
now defined target were also Stella, the adjoining tenement has been secured & it would seem
our J.V.partner- IGO is very keen on recommencing second round diamond drilling ,going deep
this time,- drilling- commencing very soon.
Then of course we have the second extensional discovery having been made at Hyperion in close proximity to NST & TAM planned expansion of the central Tanami gold processing facility,
recent extensional drilling from the core 200,000 OZ deposit hit mineralisation at 300mts along
strike & again at 600mts, the drill core at 600mts not only hit, but ended in mineralisation,
is it a surprise this has been defined as a high priority target? as it also potentially represents a large volume deposit, do some more research read asx reports regarding Bumblebee & Hyperion or search
my old posts I have written extensively on this subject so you as investors can make a more informed opinion with regard to the way you vote, as there is much at stake for us all.
imo-salt
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