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Code Question Response
FXJ What is the debt refinancing plan for the upcoming maturity? also, what is the priority in terms of using existing large cash balance Login or signup to read the answer!
PSA The announcement on 15 Feb 2012 is missing many crucial details , in particular which shale oil play (Bakken, Duvernay or Cardium?). I assume the lack of information on the ... Login or signup to read the answer!
GBE Dear Mark,

GBE is currently trading at 22% below cash backing (That is 10m less 44m in the bank). Whilst I understand that cash is critical for a non-producer, ...
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PSA Dear Petsec Management,

PSA is curently trading at a significant discount to cash, reflecting the poor sentiment investors have on the Company prospects. Even after going through the company reports, ...
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MPO Hi Ian,

As a small shareholder, I have a few questions I hope you could help clarify regarding MPO's forecast cashflow for 2011/2012

1. In the recent presentation, the "base ...
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Code Question Votes Posted by Date
REX How much savings are we expecting per annum from aircraft leasing after purchasing the 25 saab planes? 0 monopolize 16/04/2014 EDT
GBE Dear Mr Jockel,
Welcome to GBE. I have previously contacted the company CEO without any success. The lack of communication with shareholders under Mark clearly is reflected in our negative enterprise value. With $18m in the bank and a buyback program in place, how do we pursue mine development? Clearly share placement at a negative EV is not an option. What is the company considering at this stage and what is the timing for a decision.
0 monopolize 06/04/2013 EDT
WEC As one of many of the suffering shareholders of WEC, may we request for Mr Travers Duncan and all directors related to Cascade Coal step down from the board. The distraction of the current investigation by ICAC will no doubt mean that WEC and its shareholders will continue to suffer an extended period of decline. Do the responsible thing and step down. 1 monopolize 03/12/2012 EDT
CTO I note in your response dated 4/03/10 that you asked that a line be drawn in the sand from October 2009. Since that line was drawn the cto's share price has continued to decline to todays price currently 5.8c. The $100mill plus required to progress the mine has not been raised, although there have been some small injections of funds and further dilution of the share. Are you able to show how shareholder value has grown over the past few years, particularly for those that have paid significantly higher prices than todays current share price. We have read many times that the geology of the area is becoming better understood but we are not seeing any real improvement. Given the gold is contained in narrow veins or pods what are the actual costs per per gram of gold to produce, not the just the costs to process the ore containing the gold. This to me is significant as it is all good and well to say we are getting "X" grams per tonne of ore but it seems to my thinking this would be severely diluted if the material removed to reach the ore is taken into account. 1 Goldie 11/10/2012 EDT
EXS I do not understand why there is a dispute over such a fundamental part of the agreement - I would have thought it would be straight forward and made VERY clear on the agreement. My question is : Is Copperco contending the amount of royalty to be paid OR questioning the need to pay ANY royalty? Thank you for addressing my query in advance. 0 Friedman 23/07/2012 EDT
RDR To: Chris Reed,
From: RDR Shareholders

I had a good look at the EGM document and I feel sick. The company is forcing the outsider shareholder to make an unfair decision. You either back the enormous increases in director pay via share awards (not options) thus diluting your holding OR the company pays them out in shareholder cash.

Here is my analysis:

1. Luke Tonkin (LT) joins the company as MD on a salary of $599,500. Note the "Kmart pricing"

2. LT may be awarded a bonus of up to 50% of salary $300K at sole discretion of directors. (page 6)

3. LT gets 833,000 shares for "signing on" =$166K at today's price

4. LT gets another 833,00 shares on 30 June 2013 for "signing on" which apparently are called "performance " but actually are NOT PERFORMANCE BASED (see page 9). Indeed there is something called "long term performance rights" that appear to run concurrently with the "Sign-On performance rights" which I will detail below

5. LT gets another 834,000 "sign-on performance rights" on 30 June 2014"

6. LT gets more shares each year under the heading "Long Term Performance Rights" based on the volume weighted share price (see page 11). If this formula were applied today at (say VWAP =20 cent share price) LT could get

P=(83.33/100) * (600K + 300K bonus)/ 0.20 =3,749,850 shares of value $749,970
The performance hurdle is not properly defined (page 12) It is based on the performance of un-named peers NOT on share price performance. That is if the share price decreases the rights can still be awarded AND because the SP is in the denominator of the formula the lower the share price the more shares that are awarded. Say SP fell to 10 cents then in above formula LT gets 7,499,700 shares valued at 10 cents or $749,970 exactly the same money as at 20 cents SP, even though he may have presided over a HALVING in the market value of the company !!!

7. So now let us see what LT benefits in ONE YEAR

Salary $600 000
Bonus $300 000 at sole discretion of directors
Sign On $166 600 (each year for 3 years based on SP of $0.20
Long Term Perf $749 970 (yes he gets long term performance in year 1 !!)

TOTAL $1,816,570 This is obscene !!!

There is nothing to say that he cannot dump the shares on the market (and lower the share price) at any time he feels like it.

8. Chris Reed vacates managing the company and now gets similar (but less than Luke Tonkin) Signing On AWARDS and long term incentive performance rights and his "take home total" increases ENORMOUSLY. What extra value is he giving the shareholders of the company I ask with tears in my eyes? He has less responsibility and gets more than double the pay. Again I say it is obscene.

Chris:
Salary $446,900
Bonus $148,966 (bonus up to 1/3 of salary)
Sign on $200,000 (1 million rights NOT tied to performance)
Long Term Perf $297 933 (calculated on his formula p11)

TOTAL $1,093,799 compare this to his 2011 reported $430K

9. And now for the "blackmail". If you as a shareholder vote AGAINST giving Luke and Chris what is RECOMMENDED by the the directors of the company (page 14) then you have to drink from the poison chalice on page 7 that is Luke now gets $500,000 cash compensation and Chris gets $300,000 cash
from company funds thereby reducing the value of the company and putting pressure for possible fund raising to keep the cash cow going for the benefit of the directors.

Guess who set up the employment contracts with these insane terms?
Did they ask the shareholders for approval before signing these employment contracts?
Would they even be asking us now for approval if the ASX rules did not require it?

Note that these awards appear to be far in excess of the average awards to directors of peer companies and yet on page 7 they say they got advice from an independent remuneration consultant. Q. Who pays the consultant to give the advice? A. The company at the direction of the directors. Q. Will the independent consultant get paid again if he does not reward the directors handsomely for their business? A. Of course not. Just like the Fitch and Standard and Poors and Moody's ratings agencies in the run up to the GFC. They looked after those who paid them to have their rubbish financial instruments valued "nicely" and all the AAA garbage that our local municipal authorities invested rate payer money into as well as so many others .....took it straight on the nose.

How do you justify such generous packages? I don't think existing shareholders will have the appetite or confidence to participate in future capital raising. Having a portfolio of fantastic assets will be of no use without cash. Of course, there is always the usual strategy of folding the company and having a back door firesale of the company's assets to a business partner and privatising the company.
0 monopolize 10/07/2012 EDT
AQP Our company share price has been under significant pressure - losing almost 75% in less than a year - having to shut down production in high cost mines to conserve our resource. I note that major shareholder IFL is also losing patience and is off loading its holdings. Has IFL communicated to the company of its intention to sell the remaining 28m shares in its possession?
Also, would AQP need to raise further capital in the next 2 years.
Thank you for your attention.
Concerned shareholder
0 monopolize 10/07/2012 EDT
TBR Dear Sir,

Can you tell us what resource and mineable reserves and grade are left at your EKJV.
0 hopeful 14/05/2012 EDT
TBR Dear Tony,
The company is trading significantly below its gold backing at current gold price. Either investors are seeing further pressure on gold price or are overlooking the 73k oz gold bullion in the Perth mint, excluding ore and stockpiles in transit. Even at $1000/oz and accounting for only TBR's share of the gold (minus Rands), ignoring the fact that TBR owns 30% of RND, we would still be worth at least the current 50m in market cap.
Q1. What is the companys long term strategy with regards to our gold holding. Are we looking to be long term investors of gold? Is there a ball park target gold price that the board envisions.
Q2. Would the company consider a return of capital in the form of Gold (that would be the first in the world!) - not sure if its logistically possible, but that would be the most tax effective strategy.

Thank you for your time.
2 infinity 10/05/2012 EDT
SLV I have not received my Australian certificate of ownership. Has the company sent the certificates and should I worry? Is there a direct line to contact.
Thank you.
2 monopolize 10/05/2012 EDT
BAU The company is trading significantly below cash backing by a discount of 30%. Would the board consider a small buyback to ensure that price is reflective of the company's intrinsic value. Whilst cash is king in the current environment, I dont believe it will take much capital to take us back to (at least) cash backing. 1 monopolize 16/04/2012 EDT
TLS Dear Sir,

I am concerned if the reports in the Fairfax media prove correct that Newscorp has been involved in less than favourable business tactics regarding pay TV. If it is proven then I can't see why Foxtel should have a Newscorp appointed CEO. Are the interests of Telstra best served by this CEO appointed by Newscorp? It appears the Minister of Communications is very concerned about these allegations.
0 dargo 28/03/2012 EDT
OEQ Dear Farooq,
As a shareholder of OEQ and a value investor myself, I would like to bring to the attention of the company about an undervalued ASX listed gold company, Tribune Resources (TBR). It is trading at 52 week low, its entire market cap is backed by gold bullion stored in the Perth mint, and it is a gold producer with resource to last another 2-3 years. It also has an exciting Ghana speculative prospect. Comparing the fundamentals, I urge the board to consider divesting (at least 50%) of its stake in Alara and to buy TBR. The downside will depend on the price of Gold. I am very bullish on gold long term, and believe TBR offers significant upside. Its 52 week high is over $3. Thank you for your attention.

Your faithful shareholder.
0 theinflationist 27/03/2012 EDT
IPR Dear Simon,
Apple has acquired Canadian 3D mapping company that generates superior detailed 3D imaging, and I have no doubt this will be incorporated into future iOS mapping system. (http://www.iphoneincanada.ca/iphone-news/apple-has-acquired-3d-mapping-company-c3-technologies/). Depending on the frequency of updates on their maps, this is a real contender to nearmaps business - especially if offered free of charge. Does the company see this as a real threat, and is the technology to turn our existing data to 3D map available yet? Thank you for addressing the question above.
3 monopolize 15/02/2012 EDT
AGS May I clarify - does the resolution of the NTMA issue also resolves the "AGS vs Quasar/Heathgate" issue? Thank you for your clarification. I have referred to the Company website and it appears that both cases are inextricably linked. Thank you for your attention.
Faithful shareholder,
Kam
0 monopolize 14/02/2012 EDT
Code Comment Posted by Date
WEC http://www.smh.com.au/nsw/whiff-of-corruption-tainted-coal-licence-deal-20121203-2aqe0.html

it is disgusting indeed - Brian Flannery, Travers Duncan and gang must go. They tried to profit 500x at the expense of shareholders.
monopolize 03/12/2012 EDT
CTO goldie, be VERY CAREFUL - ive seen this pattern over and over again : the cycle of most miners are as follows: raise capital by serially diluting shareholder ownership to fund development, file for administration upon completion of development, bought over by new company for pennies (with connections to current management), relist/privatise company with little/no debt and fully developed asset.
CTO now has 1.2billion (with a "B"!!!) shares on issue ! nuts.
monopolize 12/10/2012 EDT
RDR any response guys?
is it too late to change my time horizon to 12 months?
thanks
monopolize 17/07/2012 EDT
TBR buyback announced - another success for shareholders and Dearceo! thanks for relaying the message to management. (still waiting for their formal response) infinity 21/05/2012 EDT
PPP still no news - frustrating theinflationist 16/05/2012 EDT
TBR admin when will the question be sent? infinity 11/05/2012 EDT
FXJ what is the strategy ? monopolize 08/05/2012 EDT
FXJ the strategy was answered in recent presentations and concalls. bdeora 08/05/2012 EDT
OEQ AUQ has been doing well lately. TBR is still continuing its spiral down. Buy when gold bottoms? monopolize 16/04/2012 EDT
OEQ Disclaimer: I own TBR shares and reserve to right to purchase more. theinflationist 27/03/2012 EDT
PSA up up and away ! 24c hit. infinity 27/03/2012 EDT
PSA Share price finally moving -still trading below the cash. Perhaps a question to ask Paul is whether the company would consider a cashback to shareholders. Or a buyback. sethi 15/02/2012 EDT
PSA Thank you for your response. infinity 15/02/2012 EDT
IPR hi admin, would u be able to edit my question to:

Dear Simon,
Apple has acquired Canadian 3D mapping company that generates superior detailed 3D imaging, and I have no doubt this will be incorporated into future iOS mapping system. (http://www.iphoneincanada.ca/iphone-news/apple-has-acquired-3d-mapping-company-c3-technologies/). Depending on the frequency of updates on their maps, this is a real contender to nearmaps business - especially if offered free of charge. Does the company see this as a threat, and is our technology evolving towards the direction of 3D. Would the data be able to be modified retrospectively if the technology is available in future through potential partnerships with Apple. Thank you for addressing the question above.
monopolize 15/02/2012 EDT
GBE shareholders have been heard at last: http://imagesignal.comsec.com.au/asxdata/20120125/pdf/01262113.pdf
GBE initiates buy back
monopolize 30/01/2012 EDT
Code Question Votes Posted by Date
REX How much savings are we expecting per annum from aircraft leasing after purchasing the 25 saab planes? 0 monopolize 16/04/2014 EDT
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