Heron - the silent killer, page-26

Sally, you are 100% right. Ardea is not a 'run on the board' for HRR, but another example of poor judgment. I am heavily invested in HRR, so I have no interest to ramp down. But enough is enough. On the listing day for ARL, HRR was running at 12.5 c. It distributed shares on a 1/10 in specie allocation. 46,000,000 shares were issued, before fund raising. These shares were valued at 1/10 0f 12.5c = 1.25cents each. On my calculation, that values Lewis Ponds, Bardoc, KNP etc. @ $575,000. Who would be happy with a company that gave away some of the best resources in Australia/world for a bit over half a million dollars. Getting rid of non-Woodlawn assets was like mothballing a diamond mine to concentrate on paper bags. I am just glad that I took a punt and invested in Ardea.
All IMHO
BE