what price tomorrow?, page-25

Have to declare my position I'm fan of Thomas.

He's now in the fashion business on the corporate side. He was an absolute genious getting $entient to pay US$22.4m - double book cost, in a market where SQM throws out lithium as waste and most assets in Latam are smashed. Shareholders at the time should be grateful to him.

He needed more than $15m mate -

$12m for the YA Global loan
$6m to replace the Besalco gear
$6m to get Punta Totorlillo port going
$4m for working capital
$3m to take Rincon to its next stage
= $31m

Directors aren't buying the stock becuase they will probably issue options to themselves and put their money into the company like Thomas did. My view is directors buying their own shares is a nonsense they should have an expert managing their portfolio, and work their butts off for the salaries they get.

I spoke to another MD yesterday in the copper business who has stopped drilling and mining because even on good announcements his stock doesn't do anything so why bother - he is sittng on $20m cash. ADY should do the same until the iron ore price improves - which it did in january but collapsed in Feb up again in march at spot??

At least Thomas told us what was going on ...........

Merrill Lynch were the bulls that sunk him and then of course the dry up in project finance.