Originally posted by tman6571
Hi Towie These comments are not necessarily directed specifically at you but are just my thoughts
about the results of today - I did not expect any significant increase in the SP as a result of the ML
approval but I expected a slight increase and certainly not a decrease - the news obviously brought
out a lot of traders and it appears more sellers than buyers - I still think the main game changer in
terms of the SP is the statistics relating to the first batch of gold production - if good then SP up
to who knows what but if poor "watch out"
I think that the result of today's trading indicated that there was some profit taking by investors who
were interested only in the quick return (say double your money short term) who were not interested
in the long term potential but in my opinion only small change compared to what can be achieved.
I did some research on Monarch Gold and they purchased the black jack plant from Citigold
and set it up as a toll processor for region including for Citigold Corp which I think still uses it.
This makes sense to me as it is a significantly high cost for small miners to set their own plants.
I am not overly concerned with the results of todays trading as I think the main emphasis will
be on the long term increase in the SP of the company shares as that is the only way the
chairman can get the profit he obviously wants and he cannot get it short term in trading on
the ASX as it would take too long to dribble the volume through without lowering the SP.
I remain hopeful for the medium term . Any and all comments welcome TMan
tman6571. I'm not going to make any more comments, but, I just wanted to put on record that the majority of us posters reasonably expected that the granting of the ML was a "material" event and would most certainly have improved the SP, maybe by several points.
LNY management, in their own report for the December Quarter made on 1 February, said that they had completed in that quarter the fund raising that was approved in the AGM. Towie correctly states that today's 3B announcement probably related to the funds that were declared in the December QR on 1 Feb.
My point is that they had the December quarter and until 1 February to issue those shares in today's 3B announcement, yet, they issued them today, at the same time as making a material announcement to release a trading halt that was forced upon them by the ASX on Friday, 3 and a half hours after I had already posted it on HC from the public notice!!!
And, to make it worse, KNOWING that they had the ML, a "material" and in their own words, an
integral milestone, which any reasonable person would expect would have a positive effect on the share price, they issued those shares TODAY and when the actual market was buyer .006, they issued those 70 million shares today @ .003 and it is also not unreasonable to suggest that instead of the SP going up, it was flooded by those very same .003 shares being dumped on the market @ .007 and .006!!!
How nobody else takes very serious offence to that and even makes excuses for it, beggars belief. And until management is called out on that, why can shareholders expect that management will not do that again, keeping in mind that EVERY capital raising since LNY was listed from Renison have been to "sophisticated investors" and company directors, all at .003 and some @ .0033!!! "Mates" love LNY management, who, clearly, couldn't give a stuff about their shareholders. Disgrace!! GLTA. Do your sums!!!
