TTY 0.00% 49.5¢ territory resources limited

kiernans curse strikes yet again

  1. 626 Posts.
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    Well, we have had MON, MAL and now TTY has taken a big hit on Kiernan's other dog investment NMI.

    Last October MK blazed away forcing TTY to take a placement of 11m shares and 4 m Dec 08 options in NMI, a grass roots lifestyle exploration company with projects scattered around the globe. Having sunk in $1.68m when NMI was very badly in need of cash, it has proceeded to continue to burn cash like no tomorrow. In September 08 a SPP at 8.8 cents did not fire up the hapless punters so was pulled, to be replaced yesterday with a renounceable rights issue of wait for it, a 1:1 issue at 2 cents and one free atttaching option. So at the rights price this values the TTY holding at $220k so TTY has ripped up about $1.5 on another Kiernan whim.

    NMI must be up for some kind of award for value shredding having listed 2 years ago at 20 cents and is now banging out 1:1 rights at 2 cents.

    The prospectus is quite revealing showing that at 30 September their cash and receivables were less than their trade and other payables, so obviously things are a wee bit tight by now.

    But there is more. TTY director from the Kiernan era and current board member McCubbing was on the board of NMI until mid September 08 (no prizes for guessing why he and two others might have left) so why in the hell didn't TTY provision against this investment in the accounts for 2008?

    NMI's market price was well under their entry price so with a director at the coal face seeing where it was heading, why didnt they bite the bullet?

    The company needs to rebuild credibility and they have got to cut the fudging and the links with the past regime.

    The article on Michael (misunderstood) Kiernan in the weeekends press was absolutely laughable when you keep seeing the wreckage continuing to bob to the surface.

    The man is a human depth charge.

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