Sunburnt, you are correct, this is a shocking indictment on the...

Sunburnt, you are correct, this is a shocking indictment on the company.

Not one person, not a director, not a company secretary, not an administration clerk, not even the toothless old office cleaner was willing to put their name to these announcements.

It makes you wonder who is now in the office, the lights are off, the blinds are shuttered, the air conditioning is turned off, and the only work being done is by the nightly office cleaner, who sweeps up the rat droppings, and chases the rodents around the walls and back into their holes, just for a bit of fun, and something to do at night.

It is reprehensible, almost as if the company has no human face, or everyone is in fear. Shocking that when the MD moved aside, a temporary MD was not nominated. This makes a sham of the MD announcement. Everyone knows the MD is still running the show. What are the other directors doing (or have been doing), except creaming off shareholder funds.

Every company I have ever seen, when notifying the ASX of an MD moving aside, or resigning, has said who would be stepping into the role temporarily, but not this company.

This is what is euphemistically called a "toxic asset"?

As for the rights issue, would you give more money to these directors, who are not even prepared to list their names on the company announcements (the faceless men)? If you do, you may end up getting a "thank you" postcard from the Bahamas or the Caymans, as they lay back on the warm sands, being fanned by beautiful women, feeding them grapes (after the company debts are paid off, of course, and the company is once more listed with AUD$2 million in the bank).

I wonder if the large shareholders and ALL the directors will take up their FULL allocation. We should get some indication of this before deciding to do the same.

One fortunate thing to come from this I suppose, is that the amount of debt is not too great, and it was noticed somehow, and steps were taken to stop the bleeding, without the need to call in the adminstrators (at this stage). This is one tick for the MD, even though we can say the action should have been taken earlier, it was the right move to put the mine on care and maintenance, which must have been painful for him to do.

This has probably been a case of ambitions and hopes getting ahead of reality.

Gw