Ann: Non renounceable rights issue , page-10

AC,

Matey, what are you doing over here, you are usually over at AVB giving the cheer squad grief :-)

IMHO AUC had several issues:
- the initial JORC was over a year late and was pretty poor considering the amount of drilling and time spent.
- there was an extremely knowledgable poster (pangea I think) apparently a geo at Boddignton, who basically said the Managament speil was BS and the tenements didnt have much potential. I believe he said this BEFORE the JORC came in. I already had doubts based on the sporadic nature of drill results and had sold my holding around the 40c mark if I remember correctly.

Once the trust was gone AUC couldn't raise decent capital at a premium and so entered the SI/Insto discount raising death spiral.
There might also be some vultures around mucking with the SP, as while the JORC wasnt great, it wasnt a complete disaster.