The future, page-6

Good thread title Linc,

Despite my recent suspension I have been thinking things through and actually see some positives coming out of the company at the moment.

1. NMDC commit more money - yes it was at massive dilution but they still stepped up to the plate and put more cash in

2. Appointment of non exec - this guy has impressive resume lets hope he continues to do things with LCY - and practical things which i think he has done from the looks of his achievements

3. CEO leaving. Yes SH is gone for better or worse. She did get us Bevan at great price but couldn't get over other things for what ever reason. Now she has agreed to pay back money - we will probably never know why, but how often do you actually see this happen ?? I would say never and she obviously has the payments to make and NMDC will hold her to that.

Look I'm not saying its all great but I can see some positives from this all. Now what I think should happen (and I agree with you Linc) lets get a clean out of the rest of the board. Seems NMDC blokes are retiring or moving on - they have not done much so lets move them on. Then to our other board members - T Turner and B Donavon. I am not sure who is up for re-election but I would be contacting the company and seeing what either of these guys have actually achieved and then base decision about re-instatement on that. Personally I think I would like to see them both replaced

For what ever reason the board has failed to deliver on anything and worse of all treat shareholders with contempt and poor communication. So I say lets go for a complete overhaul. Be nice to see LCY change names and something to reflect NMDC.

I also agree that uranium and iron ore are definitely targets. If you take out rio/bhp/fmg from WA producing iron ore mines you find that there are only a few and most of them are in trouble. Getting one or a coupe of these at a fire-sale price could be masterstroke. I would provide LCY with immediate port access, some infrastructure and potentially an income stream. NMDC are no fools and they have the staff to be able to turn around some of the struggling iron ore miners in Australia. It would also ensure them of continued supply. Bevan could then be linked into one of these companies and then we could start talking about having a massive iron ore deposit. Without going into detail - its pretty easy to find on the internet all the producing iron ore miners in WA and again take out the biggies and you will see there are not many and most are struggling - perfect opportunity to JV or buyout IMHO.

Dont get me wrong there is so much more they need to do to turn this ship around but I must admitt despite my initial reaction to SH leaving and her bill, I have thought about this and it could be some decent upside. Again its all IMHO.

We need now is some decent announcements and new experienced CEO, more commitment from NMDC and in my opinion a clean out of the board. Be nice to get the new CMD of NMDC on our board ASAP. Possible start of some positive movement - if not and it goes sub 1c then it will be a tempting buy.

Best of luck to all holders. Hope some of you WA based lads are planning on attending the AGM - we need some holders to go and get some info.

Cheers, DW