Ann: Trading Halt, page-66

I think SFX is good buying around 30c short and longer term. It's great to do a deal but it's not a great deal really. SFX is selling 50% of TB for A$65M which is a lot less than early expectations were guided. It's certainly half of expectations from Jan 2019.

Short term we have so many profit takers and stale holders for which getting their money back after averaging down into Feb-Mar smashing is a gift that can't help but accept. Something cathartic about going from deep underwater to being made whole and money safely back in the bank. FIRB and the delay is a no news holding pattern the market hates, so many who like th story will be wondering why rush in now unless it's going to settle higher shortly. Which it might, depends on the bigger funds and whether they like the story and want to take a position. It won;t be old holders like us soaking up the sellers and riving up the share price obviously.

SFX have been playing this new BFS close to their chest, so I have no idea how it's going to look. Capex won;t drop by as much as we were guided and neither will opex bringing back the LTR. Pricing will be better per unit of TiO2 with a LTR product, hopefully enough to cover the reduction is revenue selling an unprocessed Zr-rich con.

After previous failures and heavy selling into the sizzle of BFSU great new thang one would think the market leary of chasing SFX anywhere much. Memories of great news failing to deliver results in the end will probably dog the stock and keep it too cheap to sell. Just a shame that past failures means that 30c is now seen as a sell to many even after a funding JV is announced. A lot of dead bodies to chop through on the way back up from here, going to take time.