Ann: ABR Defers Phase 1A of Fort Cady Mine to enhance US Listing, page-124

Events to ponder:

1) Board endorse/set strategy for the previous (what) 12 months?
2) Board engages 3 guys who hold a 3 day workshop which finishes on a Friday, then make recommendations for a Monday release which is 2 pages long (brief by any standard).
3) Of the 3 guys i) the main guy was not retained by the company who took over his original company - has his Cobalt history also been omitted? ii) the second is his mate iii) might be ok.
4) these guys are taking 3 million cash out per annum and are therefore incentivised to delay production with no personal risk to them (ignoring their options - which are cream let's be honest).

Questions to ask:
1) are the Board competent? Serious question - if the previous approach was no good, why didn't they know it was any good?
2) how are they confident this new approach is better? Are they in a position to assess this?
3) how has the risk profile of the project changed?
4) how is this going to be funded (CR or debt)?
5) presumably there were are number of contracts in place - any payouts here?
6) where's the detailed data underpinning the 2 page exec summary released as an announcement yesterday? It must exist to write the exec summary? why not release it? they must have been working hard over the weekend to do the analysis and make detailed conclusions.
7) Are the advisory Board required to disclose whether they are being financially compensated by future capital providers. I.e. do they receive a kick back for the introduction?

Sold mine yesterday.