Originally posted by samfiodiving
Ref My post
https://hotcopper.com.au/posts/37342853/single
Well did i ever get that wrong
Although even after speaking with management and accepting the explanation i was given
i did leave the call agreeing to disagree that the 2 Ann were misleading to read side by side
So onto my questions
Did ECT incorrectly advise the market on the 7/12/18
answer
NO
Was the RCA Amended
answer
NO
I put my thoughts forward had ect pushed NMDC into a position had a slap on the wrist
for not having their finances in place and in doing so had the RCA frozen until they could comply
Answer
NO
Wasn't doing very good was I
Apparently
FREEZING THE RCA had nothing to do with us not meeting our obligations
What it did mean however was
To protect all parties from any further changes to the RCA between now and the signing of the agreement, the
BIG FREEZE was applied
Well that has to be a positive ( but i couldn't have figured that out without the call i looked on it as a negative )
Also the difference i picked up between the two Ann
ref the project bond being finalised
after the signing of the RCA is also
correct , i was informed ECT were being
PRO ACTIVE in organising their requirements early hence the contradictory statement
( contradictory to me anyway ) of
inclusive of the project bond before the signing
so as not to jeopardise i presume the financial close date of March the 31st
That part was really confusing im afraid and i will not be convinced otherwise
One thing i didn't ask which i meant to, i was driving whilst in conversation and got hung up on the two announcements
Was
Did NMDC actually give their approval there were words like directors satisfaction, paving the way forward, the outcome of NMDCs board meeting is positive in that it takes us in the right direction
But there was no
We are pleased to Ann NMDC has approved the RCA as we got with NLC ?
So If the
RCA has been Frozen Finance does not have to be in place until Financial close what is there left to discuss to get NMDCs approval its the RCA they were supposed to be approving and thats been put to bed, I dont understand or do we have it (approval) ?
Ok moving on touching on the ELF incentives,
From another perspective, as many here know i have been here a while now, i had my options from the previous issue, paid for them to be extended into the last issue,
prior to expiry i converted a number, and also submitted a number into the ELF,
i think Chin4 touched on the top 40 i am in there somewhere and like Chins family i to have only ever purchased ECT shares i have never sold a single share ( some may say more fool me lol )
With regards to supporting this next incentive
Originally i opted to pay my interest upfront after paying my first instalment things changed for me and i had to revert to capitalising the interest, this was due to me losing my livelihood as a contractor, with a Govt Dpt, after 25yrs due to a changing of the guard and policy ( eggs in one basket so to speak)
trying to re-establish in the private sector is tough in this present environment as most will know, so unfortunately no matter how enticing this ELF offer may look, i will not be able to participate, although im sure down the track i will be able at some stage to redeem my shares locked away,
Im down not out LOL
like i said different perspective
I posted recently after talking with management, it was down to shareholder misinterpretation and so it was,
i personally totally missed the message, but i suppose i have to ask myself is that because i am stupid or just the fact that these Announcement are just not that clear
I believe personally this is a major stumbling block of ECTs how many times do we get announcements followed by announcements clarifying the announcement
How many times do we get Announcements and this forum lights up with what does this mean what does that mean wheres the ECT REP
The company call for us, to call in and get clarification on things we may not be clear on, which is fine, but i think the point the company are missing is that these Announcements are not just for share holder benefit,
Every time an Ann goes out it goes out to Market this is the golden opportunity to court new investment @ market under asx ruling of course.
If the message is a clear well written positive then i am sure the market will react
On finishing my conversation i did apologies for going on and indicated i want this Company to succeed as much as the next man and that they obviously do not have to listen to my rantings
But they should at least listen to the market
This message should have been a
POSITIVE@ MARKET from what i have learnt,
we are now so close
Yet look at the market reaction
WHY SO FLAT ( it was viewed as a fail )
This has happened to many times now we have to improve
The above is all IMHO DYOR
GL to all
Thanks for sharing that Sam. Very interesting.
I did post on Feb 5th that the freezing was exactly as you have been told, as that is how I had read it in the announcement. Nice to be confirmed. ( Even though Satin did post how wrong I was. Seems like you where Satin!)
Its a pity you didn’t get to ask about NMDC approval because that was one of my other ponderings from the announcement, as it doesn’t actually state that NMDC had given formal board approval.
It states the partners have the confidence to forge ahead with preparations for “ratification”, signing and financial close. I found this line in the announcement very interesting. I believe this actually means that NMDC board haven’t still formally ratified the RCA at board level because the meeting closed with the Directors questions still to be answered. The way I read it, this Director (my belief is it was the new Director installed last month) had his questions answered satisfactorily the next day and subsequent discussions with ECT gave the informal go ahead, with actual board level formal approval a formality at the next board meeting. I believe ECT have tried to skirt around actually stating this because they perceived a bad market reaction and rantings of more delays, so they have done so rather ambiguously.
I don’t however see it as an issue as it’s clear from the announcement that the partners have agreed to forge ahead without any possibility of any further changes to the RCA. (The Freeze).
So the way I see it now is basically all the graph in the announcement is saying the partners are currently organising a signing date that will suit all parties and clearly needs to be after NMDC next board meeting, which I think will happen early in March.
In the meantime ECT will get their funding in place.
All good in my view. Financial close will happen around end of March or early April and the project will commence.
(20min delay)