Maybe others have changed but I'm still quite negative on the takeover, I can't see it having 1 positive benefit to MAK before the projected date of production.
The best MAKs independent chairman could come up with was "The consolidation of phosphate interests will create opportunities to access new sources of development capital and to optimize marketing and sales arrangements worldwide".
Actually in looking up that statement I noticed he also said this: "Minemakers anticipates that cashflow from Wonarah should commence in 2010 and funds should be available for the continued development of the Namibian marine phosphate project which relieves the need for recourse to the market for interim development funding."
Isn't that great? Our (supposedly) independent chairman is looking out for shareholders in BON, a company he has no responsibility for.
(this is probably a result of one of the shared directors ghost writing the announcement)
Maybe off in the future BON will provide an enormous benefit but before the takeover the market said they were worth just $8 million and we all know had they opened on the 5th they would've lost a fair chunk of that.
I'll stop grumbling about it eventually but it's a BON bailout and there's no reason to sugar coat it. It's hardly reassuring that the best benefit MAK gets from the takeover is if RP prices collapse and the BON project is their only economic phosphate deposit.
AEV Price at posting:
35.0¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)