RSD
Established Member
- Joined
- Feb 13, 2010
- Posts
- 1,874
Bit of a longshot but we do have members from a wide range of fields and backgrounds on here.
I have nearly $50,000 invested in a small ASX-listed company, shareholders have been long suffering through delays in the company's main project to start a copper mine, but finally the mine is up and running and producing - although not at full capacity as there has been a stuff up in the specifying of one component of the processing plant which is limiting concentrate production to somewhere between 50-60%. The fundamentals of the project are fine, and even at production that is 50-60% of what is planned the mine seems to be profitable, and it will be much more profitable still once the issues are rectified - and all offtake is already sold to one of the world's leading commodity houses at the current LME spot price on the day the shipment is loaded.
Management are simply hopeless, the communication to shareholders is very poor and infrequent, and is usually complete nonsense that reads like something written by a very early form of AI.
Today management released an announcement saying that they are going to do a 5 for 8 rights issue to raise capital - even though there is no urgent need for a capital raise given that the mine is making money. The timing is very suspicious as it is just before the AGM and seems intended to try to help them avoid a "first strike" - and the sub-underwriter is the largest shareholder... very convenient. Obviously the directors aren't acting in the best interests of shareholders.
If anyone here has experience with dealing with the Takeovers Panel I would really appreciate some help!
I have nearly $50,000 invested in a small ASX-listed company, shareholders have been long suffering through delays in the company's main project to start a copper mine, but finally the mine is up and running and producing - although not at full capacity as there has been a stuff up in the specifying of one component of the processing plant which is limiting concentrate production to somewhere between 50-60%. The fundamentals of the project are fine, and even at production that is 50-60% of what is planned the mine seems to be profitable, and it will be much more profitable still once the issues are rectified - and all offtake is already sold to one of the world's leading commodity houses at the current LME spot price on the day the shipment is loaded.
Management are simply hopeless, the communication to shareholders is very poor and infrequent, and is usually complete nonsense that reads like something written by a very early form of AI.
Today management released an announcement saying that they are going to do a 5 for 8 rights issue to raise capital - even though there is no urgent need for a capital raise given that the mine is making money. The timing is very suspicious as it is just before the AGM and seems intended to try to help them avoid a "first strike" - and the sub-underwriter is the largest shareholder... very convenient. Obviously the directors aren't acting in the best interests of shareholders.
If anyone here has experience with dealing with the Takeovers Panel I would really appreciate some help!