Long time listener, first time caller.
Ive bought tranches of AGY from .20 up to .40 and down to .30
First thing today I was disappointed about the announcement. In no way did it merit the drama of a Trading Halt. The whole thing was a bit of theatre with no value.
Then I considered why it might of happened;
A commitment was made to a timeframe
Progress was slower than desired, but looked like it would get there
Trading halt called to buy a bit more time
Results still fell a bit short (Probably a few things still needing to be sorted out, with gas supply the biggest and easiest to point to)
AGY management had to announce something given the T H, so came up with a quick, and a bit lame, announcement to save face
The rush and a bit of embarrasment made it poorly worded.
So where does that leave us?
Either management are completely lying and will eventually be held personally liable,
Or they have developed a plant and process which can currently produce a valuables and saleable product, and quite likely with some refinement (And gas...) the desired BGLCE
So I doubled my holding at 0.22
This stock is still spec, I can afford (Although it will hurt) to walk away. But if it comes to that I have an in house lawyer and will go after Alex and the directors personally for their misleading information release if it turns out they have blatantly lied. I dont believe that is the case, I believe they ran out of time to achieve what they wanted and, like the rest of us would do, tried to save face.
The current market cap, vs potential value, still looks like a bargain even with risk factored in.
AGY Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
