white elephant, page-111

well JW you have painted a great picture for the negative side. so here's a case for the positives;

1. based on the 2012 AFS they processed, as best as i can deduce, approx. 230 t p.w.

2. we know post the plant upgrade that they were able to treble this to 600t. last year's profit/cashflow contribution is therefore of historical interest only.

3. PT came on board as a non exec director, after a 'look see' period of 3 months he accepted CEO role. He must have liked what he saw. Now PT may have been caught by surprise by production problems once 600t were hit but this does not apply to the following guys.

4. Brazil - he underwrites options after it is clear that previous boyo's annc. were 'overly optimistic'. OK i am being kind to them!
No sane person would do that given what was publically available - therefore he had to have recd comfort from PT.

5. Lappin/Brazil coming on board as directors of a SUSPENDED coy 4 weeks into the review. Now come on - only 2 seriously big idiots would do this if there was even the remotest chance of the review being negative or even neutral. If I was in their shoes, given what was known about the coy, I would have to be 150% sure that the review was going to be a stellar positive. There is no way in hell that guys of this ilk are going to risk their reputations by taking on a poisoned chalice directorship.

so there it is a case for the positives.

who will win out the +ves or the -ves?. we'll know shortly.