Is our current situation not a result of poor management...

Is our current situation not a result of poor management decisions made by the Directors of our company?

The recent capital raising allowed one party not only to buy a greater disproportionate number of shares ( for 8 plus special entitlement) to increase their percentage of holdings (at a hugely discounted price) at a time when we didn't need all the extra cash (refer announcements), and now we are held to ransom while they dispose of the extra millions that other shareholders did not take up. Posters have indicated that this identity has been selling these extra shares, some 10 million plus shares on the open market....and only making a small 10% profit, which is keeping the share price at this current low level. Wouldn't mind a sure 10% profit as compared to 50% loss I have suffered in the last 18 months.

Had the Directors not done this last capital raising which delivered an immediate drop from a 30 cent mark it is my opinion that our shares would be still be at that level now. Let alone the dramatic reduction of 15 to 1 of shares held by long term holders, a total change in direction and time frames, all of which have significantly multiplied the losses...1 cent drop equates to 15 cents from initial purchase price.

This is why our share value languishes at current levels. The price of gold has been offset by the drop in value of the Australian $. But, and I have said this many times now, our directors still get paid their very high salaries with the added opportunity of buying more at the cheapest price through information gleaned in house.

The directors have a lengthy history of misrepresentations or half truths. I think existing holders have shown, by the hand fulls by not taking up their entitlement in the last CR, that directors cannot be trusted. When production commences, the actual resources achieved will justify our investments or not, but directors will have their reputations justifiably soiled in my view.