ASX tries to step on backdoor shells

摘要

It’s often a wonder how a resourcescompany with a project conceived during abull market – but which for many years hasbeen patently uneconomic and seeminglydoing very little – remains listed. The kind ofcompany Mike Young, founder of Australianiron ore producer BC Iron, memorablydescribed as a “lifestyle project” – goingnowhere but paying royal salaries to seniormanagement just the same. Or, one of thehundreds of mining companies listed on theAustralian Securities Exchange (ASX) that, inthe words of respected analyst Gavin Wendtfrom Sydney-based Minelife, “should reallyjust shuffle off and die.”