NMDC Considering HAW buyout - Article, page-26

Zmans, like most on this thread including myself, was just another regular shareholder who got owned by the Indians.

Once again, the thing most of you must understand - is that once NMDC became cornerstone investor of LCY, Sharon Heng lost control and direction of her company.  All strategic decisions had to be approved by the board - in other words, by Chairman N K Nanda.

Everything announced from 2012 onwards, was all decided by NMDC.

LCY had their chances to take 100% of Mt Bevan via their term sheet with HAW (see announcement December 21st, 2011) - but once again, NMDC came on board and it was them that decided against it.

http://www.asx.com.au/asxpdf/20120123/pdf/423wlznzn96438.pdf

Even the QLD coal tenements purchased in mid 2011 was decided by the Indians.

Any guesses to who decided against the base-metal acquisition with TNG?

In mid-2013, there were rumours that LCY/NMDC were in talks with GBG to consider taking a piece of the Karara project - obviously this never happened and probably a good decision in hindsight - but once again, the decision was always made by the Indians.

In late-2013, LCY/NMDC had the opportunity to JV with AVI for their Viscaria copper project.  This was confirmed by the takeovers panel (TOV).   Ultimately, this was called off due to AVI's major shareholder kicking up a fuss.  But in my opinion, the Indians probably would've walked away from the deal even if it was up on offer as I believed Nanda's focus was purely on Iron Ore.

I have never met Sharon Heng in person, but I do know that she did whatever she could for LCY shareholders but ultimately, it was the Indian board that made all the decisions.

Certainly, a disappointing end to a story that could've changed a hundred fold.  A lot of us got roasted in this process & a major lesson learnt.