Hi
@foocaI'll try to address a few of your points.
My comment re lower risk tolerance. Yes it's risky to invest at all, risky to invest outside the ASX200, risky to invest in companies overseas, in Africa. My point was simply with all that has happened, the remaining shareholders are those with strong convictions as to the success of the company. It wasn't aimed at any one in particular and there are always other reasons why people sell/move on.
I've never noticed Mike or Alistair having a shot at shareholders - can you give me a reference. Mind you I think every company's senior management probably think that, and with good reason.
With regard to the demerger timetable. There are a lot of things that are simply out of their control. And remember its Macquarie doing this. Yes they said by this current Q, then that it would slip into April. Now they're saying within 2Q. Now the major CPs are satisfied, I can see a notice of meeting this coming week or possibly the following, 4 weeks later for the meeting, the in-specie distribution a week after that, 3-4 weeks for the entitlement offer, then a few weeks to list. That takes the listing close to the end of May which is within 2Q as per their guidance. That's just my guess, could be quicker if they do the Entitlement offer earlier. Having said the above, I too would like to have seen an update, especially when it became apparent the previously advised timetable could not be met.
Re the bank account, that was just an example, but try walk into a bank and tell them you are setting up a company "xyz", it's not set up yet, but I'd like to open an account in it's name. The moneys received are in an escrow account, it would not be in the JV's entity name as it didn't exist when they received the money.
I agree, Sanctions etc have not caused the delay. The transfer of the ML was not the last CP, but the last
major CP. I'd be quite sure there are minor things that could only be done once the JV Subsidiary was set up with the ML, that are now being tidied up. The demerger can't take place until the official JV is in place.
With regard to a few comments about Ganfeng wanting out or to renegotiate. We have signed a
binding term sheet with them. SP6 I think was around $600 at the time, it's now over $3000. Mines take 5-7 years minimum to develop & come on line. There is absolutely no way Ganfeng want out. Those that were in the data room & missed out on the deal must be kicking themselves atm.
