Let me direct you to the 'Trading Update for FY2009' dated 19/6/09. They made a net loss of $16 million for the year.
Based on their coke oven refurbishment, what sort of positive cashflow will that bring in? Do you think that they will be cash flow positve for this year?
What attracted you to RCI? Like I said, Benny buying 2.1 million on the market is chicken feed for him. Remember he paid nothing for the shares he offloaded to Jindal at 42c. Him buying at 25c is a token offer to give us, the retail investor a false sense of security,
RCI were in survival mode and have been for the past couple of years, look at their cash flow status.
I can also direct you to announcement titled: 'Increased Coking Coal Resource' 24/12/08. Its a one page friggn document stating a resource base with no drill samples or the independent assessors. It was even based on drill data dating back to 1966. This is the reason why Jindal wanted to drill, to validate what Rocklands claimed was accurate!
RCI Price at posting:
25.0¢ Sentiment: None Disclosure: Held