don't be fooled jonesee. always check the depths.last trades of...

don't be fooled jonesee. always check the depths.

last trades of the day from 18.5 to 20.5 ........... with a rights in motion !

and XT trades, both same time at that ! one for 1499 at 18.5 and the other last 4001 at 20.5

these two trades for just $1097 to add mkt cap of $2 million !

i have sold down all bar 500.

i keep my seat at the table.

this kind of fiddling, can it last and maintain the support once the rights is over ???

i have added up the figures in the pro forma etc and for me the company is in a very tough position if one takes away all the so called assets which could well flounder. i incl an ife which may never make it.

let's face it. back in may we are told shipping end 2012. council still has lucky bay as in the pipeline. current planning still hopeful for lucky bay but then we will have the enviromentalists to battle with. impossible to get permission and build infrastructure to ship by end 2012 of even say 6 mths after. shipping from elsewhere to keep the promise ! hardly imo.

so why did i sell ?

i emailed ife twice.

here it is.

05/09/2012 (same sent 12/09 BUT NO REPLIES)

Dear Mr Finch,

I’m not aware of any changes to the date of Ironclad’s first shipment of iron ore, forecast to be in late 2012, as per the announcement to market on 3rd May 2012 (SAREIC Conference 30/04/12).

I understand that the Port Facility at Lucky Bay, as mentioned in Ironclads literature to market, has not yet actually commenced construction ?

Given the current climate in the iron ore industry, not to mention BHP and FMG’s recent news, is it still likely that Ironclad will be able to meet this first forecast shipment timeline somehow or other or do you expect delays, say well into 2013 ?

I welcome clarification.

Kind regards,


AND WITH NO ANSWER (I KNOW THEY HAVE RECEIVED IT FROM ANOTHER SOURCE) I DECIDED THESE CLOWNS WILL NOT KEEP MY MONEY ANY LONGER UNTIL SOMETHING DECENT AND HONEST HAPPENS.

I CAN USE MY DOUGH ELSEWHERE FOR NOW.

MY TRADING IN TRF OVER TIME LEFT ME WITH A SMALL PROFIT. THAT WENT ON MY SMALL IFE HOLDING NOW SOLD TOO.

MANAGEMENT CANNOT BE TRUSTED.

i even phoned ife at their adelaide office as i couldn't get an answer at the perth one. when i asked for the name of the person i was speaking to she refused. she asked mine. i gave it to her. i told her what i wanted to know and she couldn't tell me. i asked for her name again and she slung the phone down on me. i can assure you i was polite. she had no reason to act like this. something to hide ? it was almost as if she was expecting my call !?

I HAVE A DECENT MANNER WHEN SPEAKING TO PEOPLE AND EXPECT THE SAME BACK.

COMPANY CULTURE IS SO POOR RATS LEAVE. LIKE SO MANY EMPLOYEES HAVE.

THAT'S IT.

and why the rights ?

imo, from reading 'the get out clauses' to the work on hand, it's to get the funds for the brazillian job. a promise 'made in haste' maybe and the funds to underwrite it a contractural one ?

you decide.

40.