Ann: US$14m Loan Facility Approved & Firm Bids for Placement, page-782

Firstly , I'd like to say how fantastic it is that you and Carlton have rediscovered that special bond.

It's easy to add an IMO after a statement like "Construction timelines and unknowns will be a debacle ".


The fact is market cap is just $44m for a small cap that is closer to construction and production than any other small cap that I know.

Yes management has just completed a terrible cap raise and put doubt in the minds of many shareholders. Hence, the shareprice retreat. I am very unhappy with this raise in terms of the options and I feel that Lindsay has much work to do to gain back trust.

As mentioned by others , the likelihood of the IDC loan has increased and the probability of the remaining funding from the Angolan banks or an offtake partner is very likely. The equipment is already on site.

Should the options be voted down, which is a big possibility, that would add approximately 2c to the current shareprice. Secure the entire funding and begin construction before July, combined with a left field announcement regarding positive news on the green ammonia project and we could see a big rise in our shareprice.

Risk still exists on execution and any more disrespectful acts from management would hurt the shareprice but construct a fairly basic phosphate plant and shareholders can see quite a decent reward for the risk taken. The wait for a potential return may be much faster than the majority of other similarly priced small caps.

As for holders speaking to the CEO, this happens across the ASX. There are ways of management speaking to holders without officially breaching any rules. In fact, I am more concerned when management is not responsive to long term holders.
Hopefully Lindsay has told Chuk he is very confident of securing the funding before July and he has 2 or 3 back-up plans for funding.

Once again, disgruntled holders or one-eyed critics can post screenshots of a shareprice dropping but whether they can claim some sadistic victory just yet remains to be seen. If the shareprice is sitting at 15c in August, then their victory would suddenly be a loss.

Good luck to all holders.