Here's the Condition that evidently needs to be fulfilled before these Rights can be converted into shares.....(see page 41 of the 2016 Annual report)....and the Scheme Booklet confirms this (see page 61 of the booklet).
Project Construction Decision
"The Company making a decision to proceed to project construction, evidenced by the Board resolving to continue as such".
I may have missed the Board's apparent decision to mine...but would be grateful if someone can point me to that announcement. Why would you make the decision to mine if you didn't have the finance to build it - or the customers to sell the product to?
Also, the original milestone date for the condition to be fulfilled was 30 September 2016. On 20 September 2016, the Directors decided they would extend that date by a year to 30 September 2017 (see small note 2 on page 41). I queried this "accommodating" type of behaviour at the AGM and was basically fobbed off.
....glad I'm out!!
CXX Price at posting:
11.0¢ Sentiment: None Disclosure: Not Held
