LCY

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1.0¢ legacy iron ore limited

The LCY rampers were neither astute nor well researched. In fact...

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06/11/16

21:53

Post #: 20407043
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Originally posted by malsbooks ↑

Hi HCTrader.
The company was NMDC, a very large steel and iron producer in India and we all thought LCY was going to grow and be huge with their backing. They were to take over approx. 22% of the company but at 8.7 cents per share, if I remember correctly, when the share price was in the low 20 cents. The story was that they were going to use LCY to acquire prospective Australian companies so we thought it would be worth the short term share price drop to get a great company like NMDC onboard. They were going to have a $200 million letter of credit made available to assist in this and other prospects. No companies were acquired and this was in a time of falling iron ore prices when it was obvious there were some great bargains to be bought. Then there was a capital raising at a price far above the then current share price, so obviously nobody took up the offer other than NMDC who for $12million or thereabouts were able to obtain nearly 80% of the company. Forgive the vagueness here as I was a long term holder and am just recalling this from memory. Then there was some using of company funds not for the correct purposes resulting in the parting of ways for Sharon Heng and LCY. There were great plans to mine Mt Bevan which also did not come to fruition, in fairness, probably due to the fall in iron ore prices. I personally followed this company in the company of some very astute, well researched HC members who names we all long termers got to know both here on HC and meeting with each other at AGMs and EGMs. I eventually gave up the ghost and got out at a fraction of the price I paid for my shares over the years. I still follow them because I believe the actual number of shares tradeable and not owned by NMDC (who I believe would not be trading them on the open market) is still very small so any news would have a large impact on the share price, as happened recently with the find on a neighbouring tenement.
I sincerely urge anyone interested in LCY to look through the history of this debacle here on HC and on the LCY website itself where all announcements can be found. There are many well researched incitefull and damming articles here on HC so please take the time to read them.
All this is my opinion, so here, as anywhere with investing, research is of paramount importance.
So, HCTrader, good luck with the research and all your future investments.
Cheers!
Malsbooks

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The LCY rampers were neither astute nor well researched. In fact they were quite the opposite. What they were very good at doing was "reading between the lines" to invent childish theories and then citing each other as evidence that the theories were fact.

Many posters correctly rubbished this management from the start.

LCY Price at posting: 0.4¢ Sentiment: None Disclosure: Not Held
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Last 1.0¢		Change 0.000(0.00%)		Mkt cap ! $100.2M

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