Sent an email to likes of the previous Managing Director
Dale Rogers back in 2008 questioning the logic behind the decision to remove the company's nickel price hedging at a price of $7 US a pound when the first production at Munali was just beginning to ramp up.
Not surprising he didn't reply and the nickel price continued its spiral down below $4 US a pound as did Albidon's share price from a high of $5.10 in April 2008
down to low of 3.9c before entering administration. If the company was required to pay back funds to it's lenders due to the GFC clearly they could have just issued more shares at $2-3 a share instead of mismanaging the hedging position.
The old management destroyed shareholder value to the tune of $760 million and jusr sat by as Jinchuan picked it up for peanuts. I would be all for legal action against those clowns but I don't think they have that amount of money on them. The shareholder value just vanished into thin air and when the dust settled they all broke Usain Bolt's 100 metre world record as they ran for the hills.
DrunkenSailor1 don't forget Jinchuan is a state run corporation therefore Chinese interests will always prevail over shareholders interests.
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