warning signs, page-4

The timeline:-

1. New MD appointed, comes from a big company and inexperienced in supervising a series of comparatively small mines.
2. New MD does a roadhsow to investors where he slags off at his operational staff. Hardly gives them confidence!
3. Announces a grand expansion plan shortly before metals markets start to slow.
4. Acquires Einasleigh by using a capital raising. Where was the surplus cashflows from operations to fund the acquisition?
5. The two senior finance guys depart before Xmas. Both are well respected in the industry.
6. Founding director selling-supposedly for tax reasons, then for a margin call.
7. New finance guy from a big company-i.e. used to having a plethora of support staff and not necessarily hands on?
8. Lack of term commitment from major banker followed by an asset sale below market expectations, (Lounge Lizard).
9. Comments about support from bankers and more particularly creditors-run for the door, (ex parrot!).

Sorry for all shareholders.

Cheers, TAS