Member Info for addicknt

Has announced a further drawdown of a$500k and an increase of the facility with Samuel of A$1m.

The interesting bit is the reason for the funding. The announcement refers to ongoing working capital needs, but also cash is required for the process of seeking shareholder approval under ASX Rule 10.1. This Rule applies to the disposal of substantial assets which involves a 'person of interest' i.e Mather and is designed to prevent conflicts of interest.

I can't imagine why this may be necessary.

The company has spent close to 500m provided by debt and equity and has taken a greenfield prospect from nothing to one of the most significant discoveries of recent times, and yet JCC thought it was reasonable to offer a few hundred million above the cost of the investment and expected our board to recommend it.

Naivety doesn't quite cover it.

That we've been waiting years for something to happen and been through the wringer in the process, but as soon as something really interesting happens, people are at each other's throats.

Mike, I don't think it will. The Board has higher ambitions.

Fort, Smith didn't hand them 6%, an agreement was reached by the previous board before he took office. Smith merely insisted the deal would be done as a condition of his joining the company. So you are completely wrong.

Perhaps your conspiracy theories are getting on top of you?

Yes, I am serious. You seem to think that because he's Chinese he must be their man, which is nonsense. As I said, I'm certain Smith wouldn't countenance a conflict of interest.

What evidence is there that Liu is 'their man'.

I'm pretty certain Smith would have removed him from the board due to a conflict of interest.

DBW, they'll still have the 6 month exclusion...with the usual caveats.

DBW, possibly one more stab at it, which the Board will reject.

Whilst we all want to see the CIPA etc, I suspect there may be an element of holding good news back at the moment.

Should we be confronted with a hostile bid - unlikely in my opinion, but you never know - we will need good news to bolster our defences. If the CIPA has already been announced, as is the way with these things, it will be forgotten by the market. Release it mid-bid and it will have a more favourable impact upon the defence argument and will work as a price support mechanism.

Incidentally, I note RBC are acting as our advisor - I wonder what happened to Citi?

Fort, don't get me wrong, I think this is worth way more, but not yet, and I don't believe JCC will come up with anything which is even half way acceptable.

As I said the other day, this has come too soon for us and JCC are simply chanching their arm.

What a fascinating few weeks await us.

RT, you're right, the board won't recommend a low offer and, in my opinion JCC will not come up with anything acceptable.( they won't go hostile)

The offer period will lapse and it's back to the day job of adding value via de-risking.

So, no apology or acceptance of your own errors. Still, I wouldn't expect anything else from you.

Nal, just how thick are you?

My post told you who it was. What do think 'it was PS' actually means?

Finally, I didn't verify it, another poster did.

Perhaps one day you'll actually have something to say about the interesting situation we find ourselves in, rather than your boring , defamatory and baseless accusations? But I won't hold my breath.

Nal, no disrespect, but your memory has clearly gone awol. But I'll help you out. It was PS and you've also forgotten my conversation was verified on here by another poster.

I'm afraid if you choose not to believe me, that's your problem, not mine.

Nal, one minor issue. I've never spoken to DV , it was PS, and it was several months after they took office, not two weeks. (a fact verified by another poster on here)

My only contact with DV was about a month ago, via email.

Have a lovely weekend.

Reduced to .57 again.

Has it not occurred to you that may be just a little bit busy?

A price support ruse a la Guiness 1986. Not.

Fort, luck is one of the most important features for any businessman hoping to become successful. Let's hope their luck holds!