Ann: Rocklands Ore Reserve Update, page-62

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h00ts

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01/04/18

08:55

Post #: 32156419
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Originally posted by SteveTheMet ↑

Well .... from memory I think that the timeline of events (from what I have been told/overheard/discussed) were something along these lines:

Disclaimer :::: DYOR :::: 99% of this information is already in these forums somewhere.

*MD who approved design, construction and commissioning forced out in mini coup. (currently -$700m Au in debt) supposed 27mt ~10 year mine life.
*Progress starts getting made but there is still significant influence from old MD into day to day actions at Rocklands over senior staff. (dilution losses of about 30mil? Capital raising and shares sold)
*Old MD gets made interim Chairman. Doubts raised over longevity of LOM and both plant design and pit design. (shares go from 70c to 40c more losses due to poor management and lack of financial clarity ...i dont even want to think of the actual unrealised losses)
*All associated with making progress sacked or forced out using bullying tactics. (presale of 6 months worth of product to pay for ...what?)
GMs appointed to align with Board direction. (Share price steadies at 30c roughly - poor maintenance practices and safety issues riddled throughout company, still no income coming in)
Another company restructure. Promotion of unqualified and low integrity personnel with ties to Board members to senior positions resulting in multiple breaches of safety, procedure, common sense and stock market trading halts. (I believe from what I heard somewhere..........that this is when the whole safety department quits due to senior staff going straight to chairman to get authorisation to operate outside of procedures)
If the shares trade again, there will be a smash and grab sale I reckon. And a release saying that it was all due to the 1 in 10000000000 rain event that caused Rocklands to go under.

IMHO. Clear house and start afresh. There is too much political and financial cancer being carried by this company.

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But wasnt the demise of the share price all Fosters fault ? They did get one thing right in their 2010 downgrade - $1.20 was generous.

CDU Price at posting: 23.5¢ Sentiment: None Disclosure: Not Held
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Ann: Rocklands Ore Reserve Update, page-62

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