1. He has told Pattersons Mehdiabad is worth $1m or 1/18th of the money our company spent on it, despite it turning out to be a commercially and technically viable mine containing $19.1bn of recoverable metal to which we had a legal entitlement to of 48% subject to Iranian taxes and mineral royalties.
2. He has refused to discuss it (listen to last AGM speech). 3. He has attempted to transfer it to Marwarid Mining by diluting us out (getting Marwarid to fund the cash element of the MAK bid at 1/18th Mehdiabad expenditure value). 4. He is on record of denying the Mehdiabad dilution to a backdrop of disarming racy music: listen to the relevant BoardRoom Radio interview)/infomercial. 5. He has made a production agreement with the Iranian authorities that, despite the passage of 4 or 5 months, he still cannot discuss. We do not even know if it supplants the old agreements. 6. He rejected a bid for us that valued us similarly before. 7. He has failed investigate using 'free' funding for an arbitration case against the Iranian Govt. for the impairment/theft of our mine. 8. Jordinson's strong reason for accepting his recommmendation is his very incompetence at running our company properly in a way that maximises shareholder value: the threat is that if we reject his recommendation, we will be forced to endure his management for longer.
UCL Price at posting:
31.0¢ Sentiment: None Disclosure: Held
