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Ann: Annual Report to shareholders, page-185

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Rupfel

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14/06/21

19:19

Post #: 53833952
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Originally posted by sabine ↑

it seems to me there were lots of people playing their cards close.
I agree with @JRSelvedge , the LNH wanted out.
Most likely when they signed over the money back in 2017 they were told there would be a quick sale with Lionergy as the fallback security.
Neither the quick sale nor the promised Lionergy plant ever happened and the company wasn’t even making enough money to pay their interest from the start.

Also one of the papers said Altura did have a back up plan to throw the company into administration itself with FTI.
As @JRSelvedge said - assuming the noteholders were working on their own deal - why would they want that.

Maybe Altura wanted administration?
Maybe it didn’t tell the new CFO that because setting up an insolvency is most likely illegal?
But honestly how were they ever going to win with the Shanshan deal setting a price precedent and the plant apparently needing work and that court case with Civmec?

I always thought it was interesting the way the guy who sold all the local tenements (to PLS and AJM?) kept just a few and then, after he did sell them to Sayona, he became head geologist there.…..
…And odd the way AJM directors had SYA going as their second company.

But instead of focusing and finding any spodumene on those tenements, they came up with that odd announcement re a gold discovery as AJM collapsed.

Now the Sayona tenenents are back in Altura hands and it will be interesting to see if anything is found there and if - at the end of the day - the losses from cutting Altura and its’ never ending debt and other problems are less than it would have been to carry it forward into whatever comes next.
It will also be interesting to see what Shanshan does with its holding and the LNH too… (I assume they still retain shares?)

Anyway the main point of these thoughts is who really knows what was going on behind the scenes?
And that it may turn out to have been less expensive for AJM to cut their losses rather than continue on?

Cheers

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The only relevent bit in your post is who knows what was going on behind the scenes.
That is the issue which needs resolving and ACCC have the power to do that.

AJM Price at posting: 7.0¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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