Member Info for addicknt

Before Friday there was perhaps a 5% chance of this going to production.
Following the announcement the odds have reduced to zero. It's a total fantasy to assume anything else.

BBG, I was giving him the benefit of the doubt. I suppose I find it difficult to understand how he could/would make the statement if he really did know. And if he did, he should be sacked.

I feel sorry for Ward as he almost certainly didn't know what was going on.

BNC, ha!
Tbh, I've also had much more cynical views of the reasons for the announcement, but I think I'll keep those to myself.

Monte, in a way I think that was what Crux were implying.
A positive spin has been put on this, but if you strip everything away and whatever the real reasons, the net result is a lost year, huge cost and a massive blow to our credibility. It's cost our ceo his job, led to a boardroom clear out and has left us vulnerable.

From a corporate finance point of view, if you were convinced of the quality and deliverability of our assets, the coming months will offer the best opportunity to gain control of this business at what a bidder would consider to be a bargain basement price.
You'd probably wait until more work has been done at Porvenir, but we should see further results soon.
We are highly exposed at present; our board is new and trying to find its feet, but critically, cash will be required sooner than we think. Additionally, private investors have been shaken by yesterdays news and I suspect would be very will sellers.
We are more vulnerable now than we have been for a long time and I imagine that fact hasn't escaped the attention of our main shareholders, particularly BHP who are now the largest company in the FTSE100.

rcgl, interesting observation from Irwin as it kind of implies he's currently an "insider".

rcgl, I think that's a very fair point.

rcgl, I don't think you're being overly charitable. In fact, it makes very good sense. But that's not the point. The real trouble the board has had for some time is the management of expectations...they've been totally hopeless at it.

Novice, your post implies prescience on behalf of the board. Thus far, they've demonstrated none.

Q, the RNS is final confirmation, if any were needed, that this board are incapable of doing the one thing they are paid to do, which is to deliver shareholder value.
Their inability has now laid us open to the likelihood of the low-ball offer and if you can't see that, your myopia is so severe as to require a white stick.
We have great assets but are led by people who appear totally lost at sea. Please feel free to continue with your adulation and uncritical swallowing of everything these people say - no one else is.

No wonder Mather was given the boot...and deservedly so.
If we can't even get a report completed how on earth could this team be expected to actually build a mine? Answer: it can't and won't.
If there's any upside to this it's that over the next few months there will be plenty of opportunities to buy more shares at a very good price...never forget what we own.
Anyway, pack your bags Mather, your time is over.

sire, 51% does the trick. A bidder who gains that percentage of shares has control of the company.
A Chinese bidder will never get their hands on this -BHP and NCM are too heavily entrenched and the move which was plotted by NM to allow significant dilution of their stake was thrown out before the AGM. This event clearly defined the direction of travel.

this time last year the price dropped to 10p and in so doing provided many of us with a golden opportunity to add to our holdings.

For once Quady is right. However, I recall a lengthy debate last year with certain people when I made exactly the same observation; their view was that it is. One of those people was Quady.

Well worth listening to.

Jerry kindly shared an updated note from Hannam this morning (hope you don't mind me mentioning it, J?) They had produced it within minutes of the RNS, which suggests they had been briefed beforehand.
Anyway, it reiterates the 105p target.

It should be said Blanca looks very promising. Results due this month.

Looks like more of the same, doesn't it? Which is no bad thing. Not "shock and awe", but solid progress.

Copper, if it upsets you so much there's a very simple solution - stop reading the board.
In the meantime, thanks for your concern and I'll remember to ask you before posting next time.