This post is not to give fortitude or comfort to anti Lynas elements but I feel the frustration amongst shareholders is causing silly posts to be written. Frankly, some of the posts on the legal matters are just garbage, utter garbage.
In fact, the daily musings are simply annoying. Understand nothing much can happen until the review cases come on for hearing, whether that is a final hearing or other. If there are going to be hundreds of posts daily you will go mad by the time the company has produced its first tonne of metal. Of course the traders must be onto the shares every second, but for the long term holders of which I am one, I don't care about most of the stuff written. I read it to ensure I don't miss any pearls of wisdom, but the speculating, hypothesising, guessing, criticising and mischief making is tiresome and futile.
You need to understand a few things about the legal process before writing inflammatory and illinformed comments. Asking a question of the posters is one thing, but to make statements and not know the rationale or process of the court proceedings is another.
If you don't know why something is happening simply ask. It is futile and frustrating to read things like, NC should preemptively bring an injunction against SMSL; NC should have the matters heard together; NC legal mistake; the court shouldn't grant an interim injunction preventing the company operating under the TOL.
In Australia, like Malaysia we operate under the rule of law. If SMSL has legal avenues they should be free to pursue them. I think they are wasting their time and money but that doesn't mean they shouldn't pursue their legal rights. If the court hears argument that the interlocutory injunction order should be revoked or even ought to be dismissed without the need for argument then all to the good. However, if the court is persuaded that the injunction should remain in place until the reviews (an interim order) have occurred then that is what must occur. That is not to say we all are happy to be held up by SMSL in light of the authorities who have added their combined wieght to prove the plant's efficacy and safety.
One of the news reports stated that the company and the government were opposing the granting of an interim injunction, but I am uncertain as to whether the government is a party to the review cases. It is only natural that the government would wish to be a party as it was the ultimate decision maker who gave approval of the TOL.
The court on 4 October has two options. The court can lift the injunction and let Lynas operate right up to the review dates and whatever happens with the reviews will determine the matters, or the court may make an interim order until one or other of the review dates.
I would prefer to have the government on my side insofar as they are rather than being opposed to them, as it was they who granted the TOL.
For a Malaysian case which includes legal discussion and application of relevant injunctive legal principles see:-
They are the same principles we act upon in Australia.
No one can be surprised at this development by SMSL, but know that their time will come where they are defeated. They will be defeated in the courts, in the court of public opinion and with the passing of time and orindary operation of the plant. Like you all I wanted that months ago, but like a realist I know that this will take time and money ultimately knowing it was a road bump along the way. Whilst that can't be said now, it will be, hence my continued resilience in holding shares.
LYC Price at posting:
75.5¢ Sentiment: Hold Disclosure: Held
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