Makattack and tictac, the market liked the YRR story when it...

Makattack and tictac, the market liked the YRR story when it first floated but was spooked by the amount of scrip given away(39m YRR & YRRO) to purchase the 49% of AUL that they didn't already own. Then last August the board announced plans to acquire Cabe Resources for 85m shares and options when the only assets of Cabe was 4 NT tenements and 3 in WA. Plus 6m shares and options for 20% of another one of these private companies with links to each other.

130m shares and options (67% of the company) given away for unproven land has severely dented the company's standing in the eyes of the market and rightly so.

There is still the thought that maybe the board will further dilute the genuine shareholders further, which in effect they did last week by issuing 20m new shares to sophisticated investors just before the imminent release of a resource upgrade and scoping study when they could have waited as they still have plenty of cash in the bank.

At least this time we got something for the dilution so it is a big improvement on the past, even if it was only $2m for 10% of the company.

I think the fact management has given most of our company away and have now let some investors in so close to results being released indicates the strength of the project. Its just bad for those who trusted and supported the board while being stabbed in the back. Everyone else wins though, lol. Its a strange world we now live in, Gordon Gekko would be in his element.