asset sales and phil thomas, page-31

Tom - there are literally dozens of disclosures made by the CEO similar to this one below.

There is nothing clearer to me than the direct responses from the CEO - as I said please try and familiarize yourself with all of the available information before reposting that such actions are/were credible.

As an example can you explain to us why the failure of the Shougang contract was not announced when it failed rather than on the 29/10/2008

You see again you need to fully understand the meaning of continuous disclosure - it was improper of the CEO not to release any such information that was material prior to that date as it may have been known or are you foolish enough to believe that all of ADYs problems surfaced together on the same day - if so, then so be it we will agree to disagree.
Upon reflection this email response was certainly most improperly worded - wouldn't you agree?


Thankyou for your answer about the $US40M letter of credit

How confident are you of securing the sales contract with Shougang ?

Thankyou

Phillip's Answer
This is a question that probably doesn't deserve an answer as it is trite, so let me say from an evidential perspective:

- I have spent four days with Shougang in China meeting with their President, viewing their plant and iron and steel making equipment, learning about and analysing their production processes so we can tailor our production to their needs re chemcial analysis.

- They have six people visiting the Chile plant next month and two have already visited the plant.

- They have appointed a special project manager for the CMSB/ADY relationship.

- We have a draft sales contract which we are reviewing.

- They have seen how insistent we are - $40m SBLC lets you buy a supply contract - no SBLC no contract.

what more can I say??

PT