even the directors dont buy the story

Two weeks since closing and no 3Y lodged by any of these directors as to taking up their rights. Says it all about the quality of the company’s assets and its leadership.

The non executive directors have taken over $700k cash in FY2005 and $500k in FY2006 by way of consulting fees and directors fees, yet looks as though they have not put in one zac of their own money into the recent rights issue. Sense of deja vu here. At least all but one of the five amigos coughed up in December 2006 rights issue, but of course despite assurances that all would fully take up their rights at the 2006 AGM there was one notable absentee when it came to writing a cheque.

Looks like this time they have all now sat on their wallets but will no doubt open them up to receive the bountiful level of fees that keep coming their way (until the money runs out in the next six months).

Good luck to the punters who came in on the rights issue. The directors have not put in their own money, Colonial have spat the dummy and have had enough of vacuous stories and realize they are severely underwater. Despite what was being vigorously touted around the traps at the time of the rights issue, there is no rabbit in the hat. Projects are duds and the fact that they have decent uranium potential and could not get this into play when the market was cherry ripe just says it all about the capabilities of this group.

In about three months watch the directors start to flee from the oncoming train crash.

Yet another case of other peoples money.