I know I wrote this earlier but i think it needs some more time.
These events now out in the open could actually be the beginning of something with this company. NMDC did recommit they also brought someone in with a vast amt of experience basically as soon as they got control of the company and the other stuff came to the surface.
My hunch is they have probably ear marked someone for the CEO spot and will be going at him/her hard to take it on.
They have come in and actually made someone accountable and got her to pay back money owed.
Again what I think we need to push for is total (or near total) clearance of the board. Lets start again.
NMDC in India is massive and it works. Now how will that translate to their ability to do so in Aus well we are about to find out - one thing for certain is that it cannot be any worse than as the last 3 years. How much of all the nonsense from our board in terms of announcements and nondelivery, non transparency, and the poor communication was actually driven by our local board members ??
Vote with you votes at the AGM and lets start afresh.
We should be looking at real acquisitions again - and ones that would have cost 5-10x value 2 years ago now should be cheap as chips. Again go and look at the non giant iron ore players in WA that are producing - they are struggling - its getting to perfect time for NMDC to strike. And they have always even recently indicated they would through LCY.
This really could be the start of something new. I will be holding my shares now as I think things could get very interesting soon. They came in quick as anything with the new director - like I said as soon as they got the offical 75% holding and the other junk was out in the open. Maybe the CEO will be next and if it is someone NMDC have chased then I would be starting to get bullish that they have achieved 3/4 ownership for peanuts and now want to finally get going .
Thats my take on it. Sure others will agree and many will disagree.
I still believe in some decent upside.
DYOR and this is IMHO.
DW.
LCY Price at posting:
1.2¢ Sentiment: None Disclosure: Held
