Ann: Chairman's letter - Scheme of Arrangement, page-35

If directors generally take a longer term view than shareholders, why are they so concerned that the discount is still quite high a month after projecting the discount to close by nearly half by Feb next year....

This is from the scheme announcement today:

However, the widening discount being applied to lower grade iron ore has largely offset these improvements to our underlying business, resulting in our operations running at a loss as outlined in our recent quarterly reporting


Also, as mentioned on here recently, why did the CEO mention at the end of January:

https://www.theaustralian.com.au/bu...r/news-story/fcf7f11d7e6c9cdfcc48d93e049e071d​

Mr Lawrenson told The Australian the disappointing December figures would be an aberration.​

“We are back to making money in our daily operations and probably have been since November,” he said. “The price above $US75 (a tonne) works for us even with the discount, although it would be a hell of a lot better if there wasn’t such a discount.”​

If Jan "works for us even with the discount", then Feb would have produced similar results given the average was a few dollars above the Jan average.

"Works for us even with the discount" I generally interpret as quite profitable, not a touch above break even point. ​

March 18 still averaged around US70, which was higher than the overall average for the Dec quarter of US66, which was just below breakeven. Even if March 18 was a slight loss (which it should not have been as it should have been adequately hedged), the weighted average for Jan and Feb should have worked well for Atlas and made it a profitable quarter overall.