Ann: Annual Report 2013 - 31 March 2014 , page-4

It really is time for the current directors to go, or do a deal and move on. They have had up to 16 years at the helm. They have had their chance. Beckwith was appointed April 1998, Goodsall Oct 1999 and Pynt March 2000. In that time GDA has had a 1 for 20 recon in Feb 1999, a 1 for 25 recon in Feb 2006, a 1 for 10 recon in June 2008 and finally a 1 for 100 recon in November 2012. Pretty much no matter what time you have bought this stock in the past 16 years it has ultimately been an absolute destroyer of shareholder wealth.

Beckwith on a monthly fee of $15,000, plus the provision of a motor vehicle – with expenses paid. Total package last year close to $250k. Close to $250k the year before.I can't bear to look any further.

A quick look at the Annual Report and it seems the form of the past 16 years is going to be carried on. They plan to shortly raise $1.264m –which looks like it will be spent on projects and exploration in WA. Wake up boys – the strategy you have adopted for the past 16 years is not creating any shareholder value. And with Total current asset of $355k and Current liabilities of $520k the $1.264 you plan to raise (before costs) is already well down. GDA is Cum another raise before they have even raised.

I bought GDA as it was effectively a shell and deals are being done through this space. I fear I too am going to be bled dry. I hope I am wrong.