Lets hope this issue is resolved quickly so we can get back to focusing on the positives of the company, and not be worrying about the affects of having an EGM to scrap old directors and appoint new ones.
I believe Mr Lim has done so because LML has offloaded a 50% stake in their share of wanilla for next to nothing ($1M). Wanilla potentially contains very substantial hematite and magnetite deposits, LML stated as much as twice the amount of gum flat. Mr Lim having close to a 6% stake in the company would not want to see so much future potential profits given up for such a small price now.
Whether or not this is the reason for wanting himself and friends appointed to the board or not I do not know. However I was a little suprised by LML's decision to give such a large stake to MEA for what would be small risk for such potentially large rewards. It is obviously very important for LML to have a JV partner such as MEA in order to fast track exploration and development however as a share holder I do not want to 60% of wanilla profits going elsewhere and 50% of gumflat profits going elsewhere.
I almost sold my holdings this morning at 22c as I belive there might be a cheaper entry point in the next few days/weeks while this is all dealt with.
LML Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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