After what one can only call a emotional day yesterday, having time to absorb the news and think about it, i feel better what the whole scenario.
Firstly we all expected SMM to look at a appeal and thats exactly what they are doing.....
Let me clarify..... SMM HAVE NOT lodged a appeal YET. This hearing will determine that, Also the tactics again very smart and sneaky..... the application was lodged under "Certificate of urgency" and caught everyone by surprise, Axiom needed to have our legal reps flown out to defend, you would not risk any other legal rep for a case of this size other than the ones who fought the case.
Was discussing this matter weeks ago with lmsupertrader and we compared it with the whole AFL doping saga which also went to the high court, on the grounds of appeal the high court decision will not be overturned but any outstanding issues/technicalities will be dealt with on a appeal....meaning any backdoors are shut when the judge makes the initial ruling. This is massive news and i would like someone with more sound legal knowledge to confirm this.
Further there is no waiting..... i am hearing this will be resolved by latest tuesday. I do hope this is the case, what has me stumped is that the actions of SMM are clear as day. The cancellation of the LOI was clear as day, my only dissapointment is the lack of consequence for their actions by the court.
No charge, no contempt,no royal commision...... NOTHING.
If you had unlimited funds and were chasing a asset this big, could abuse the court system and create dis harmony between tribes to get your way..........then suffer ZERO condequences then why wouldnt you??
with every action SMM take on Axiom.... its a direct action against every single shareholder and their investment in the company.We all know the SP is nowhere near it should be.
One thing is for sure and we have mentioned it before a number of times.....
This asset is massive...but SMM have a lot more to lose than just the Asset.... When landowners on other assets start using Axiom as the role model for a 20% cut on projects where SMM give nothing...... you start to see the kind of numbers they stand to lose on a long term basis..
I always have and always will support Axiom and RM, as his approach and dealing is the only way we could have even got this far.
Regarding SMM claiming they didnt know their LOI was cancelled.....check this out, where they confirm they do know it is cancelled but try to hide it.
GLTA
Sentiment: back to buy
