It is a rather poor presentation by an obvioulsy tired Craig Jetson, with a lot of time spent on matters that nobody there would care too much about, thereby reducing the time available to better cover the company's operations that the attendees would want to hear about.
For me the main takeaway is that SBM wants to merge with its neighbours and that must mean with GMD, which will get far more than its fair share of the spoils in the "consolidation". Basically GMD is getting hold of the DCN mill that Jetson craves for his expansion program and Finlayson will likely end up as the CEO of the merged entity with Jetson taking on the lesser role of Chief Operating Officer (just my assumption). Finlayson would use the revenue from SBM's operations to underpin the funding for the regional expansion - without this GMD may need to raise a lot more cash (and share dilution) to finally get into production by itself (if it ever could) once it had proved up sufficient ore reserves.
Simberi could be sold, it seems, given how little time Jetson devoted on this operation.
The market has lost faith with SBM's management, but there must be some sort of longer term value here at some price I suppose.
loki
SBM Price at posting:
68.5¢ Sentiment: None Disclosure: Not Held
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(20min delay)