anns prior to qrtly reps, page-125

Freehold,

AVB undoubtedly have some positive attributes (hence a market cap), however, I suspect people are selling down due to lack of trust in management and falling credibility in their ongoing story.

Slippage on schedules can only be attributed to either poor management or lack of cash (or both).

If there was cash available and management willing, Stage I (AN) could be up and running by now: it isn't.. and we are no nearer to it being up and running than we were 2 years ago. I suspect funding is problematic: AN on its own is too small to be of interest to the banks; also there is the dilemma to Aussie banks of the project being offshore in Brazil, and of AVB being a foreign company to Brazilian banks...

Smelter Deals? Why would a smelter co lend a LOT of cash to set up a customer? It would be like a garage lending cars to a company on the proviso it had the cars serviced at the lending garage: madness.

So.. Without adequate funding to proceed, AVB becomes ever more dependant on a CR to be able to proceed with production development ambitions. The market can sense this and is selling down accordingly.

Like others, I had hoped they could have actioned the initial DSO plan to raise cash and credibility: a CR on the back of the DSO would have been so much more palatable to the market. Instead we have stagnation and an ever growing board of directors

Go figure

BT