Ann: Atrum Provides AGM Update, page-43

What legal mess? You obviously don't understand what is happening here. Atrum is suing two ex directors for, amongst other things, breach of contract. I don't see how this is a "legal mess" for Atrum, although perhaps I am wrong.

As for being bearish because of the low share price, this makes no sense. The lower the share price goes, all else being equal, the more bullish you should become. The cheaper you can buy an asset, the better your risk/reward becomes. If you still value the asset at the same price then you should in fact be more bullish, not more bearish. If you feel as though the asset is worth less now than it was a few months then that's a different thing altogether, although I don't see what has changed since June/July, other than perhaps a couple of additional months' delay in receiving the BSP. In my view this is offset by the additions to the board - as a signaling tool, this tells me that the permit WILL be granted and the project WILL be funded - people like Bob Bell, John Wasik and Cameron Vorias don't join a boardroom if they don't believe there is enormous upside.

As for the rights issue, again I wonder if you actually understand what is going on. The discount had nothing to do with lack of demand. Two ex directors were over levered and getting squeezed, so why would anyone underwrite a rights issue at a reasonable price? It was obvious that the stock would trade at the rights price, even though that price Was technically irrelevant (given it was a 1 for 17 the FV ex rights price was more like $1.12).

The entire past 6 months has been a debacle, but that's exactly when the best opportunities are found. Think of it this way, if the BSP is granted this year or early next and then the company sells down a shard of the initial mine at a valuation of 250-300mn (this is pretty much the floor of the estimates I have heard this year), then what is the company worth? What probability do u estimate of this happening? If it doesn't happen as soon as this, what is the business worth?

I've asked myself all of these questions many times and am therefore very comfortable owning shares (and buying more) at these levels.