Good on you Paul. Unfortunately, the company does not NEED its ordinary shareholders. They know that they can't raise any money through them with the SP so low and have contractors and a MD who are all prepared to pick up the bill with a share swap when required and increasing their own equity in the process, but, at the continuous expense of all ordinary shareholders. Sure, they are also diluted but, we are talking $650 million of gold in the ground. I'm sure a bit of dilution on 60% won't be worrying them.
They also know that the shareholders have to be very careful what they say or do as the top 4-5 can pull the plug ANY day and just walk away with the lot. i.e. they know that they have got shareholders by the balls.
The company is working on deficit finance and as at 31 March had $38 in cash. Any Court would allow them to go into administration whenever required.
We have been treated with absolute contempt for years and nothing has changed.
Are they worth putting up with that disrespect and contempt?
LNY Price at posting:
0.3¢ Sentiment: None Disclosure: Held
