t/a, page-159

Bernie,

My post wasn't really designed to discuss the merits or otherwise of the broking fraternity. It was to merely highlight a viewpoint of an informed market source. Whilst he is not really across the dealings of LCY he is aware of their story and was not poo pooing them.

He was doing the job that I expect from him which is to advise me on not only the opportunities I bring to his attention but on others that I am not so familiar with. We talked about the plethora of iron ore mining opportunities out there and, in his view, he would prefer to see me have money tied up with smaller producers with exploration upside (such as AGO, NFE and GRR).

That's not to say LCY is not worth investing in, I believe the strategy he is espousing is one that balances income and growth opportunities whilst considering levels of risk. The reason I think he used the word "speccy" to describe LCY is that it is on the upper end of the risk spectrum (at this stage). This risk assessment will change over time as LCY delivers however, they are clearly deemed a high risk stock at present (again, others here will probably disagree).

I would prefer not to advise from which house he works for as it is a small boutique and probably not in his interests to do so.