bright future as iron ore producer.??, page-15

Thanks for your reply.

Basically you have asked three questions;
1) Was ROY aware of the ownership problem?
2) Could this invalidate the agreement?
3) What’s happening to the restructuring and the BFS payment?

Well I attempted to cover the mess that ROY and the chairman have placed themselves in as briefly as I could in my first posting. I wish to remain clearly within the guidelines of this forum so again will be brief.

1) ROY held the meeting in Adelaide BECAUSE of issues raised by the shareholders, the facts were spelt out very clearly to ROY prior to them attending the meeting. My presence was simply to show the documentation granted to the ROY legal representative was kosher. Questions were placed by and to the ROY legal eagle showed that the ownership of the asset was a serious problem that the authorities had been handballing around for too long.
2) I believe the agreement between the chairman and ROY is for a court to decide. However it is clearly in breach of authorities regulations and is (I am informed again today) being currently looked at by the authorities, and they are not pleased.
3) I cannot at this stage comment on the PFS and BFS payments. That is and will be for ROY to fess up to.

Aldgatetroll