Takeover target?, page-5

SBM have a number of catalysts emerging, firstly Simberi, permit extension that is key to sulphide project and secondly at Atlantic, approvals for pit developments needed. Problem is that these are not totally in their control so timing of these decisions is difficult to ascertain. The biggest catalyst is totally in their control, management need to start delivering on their strategy. The share price basically suggests no confidence on any of the above being achieved and the market is right to assume this because their track record is pretty poor (Atlantic acquisition started the rot, expensive and poor delivery, Gwalia poor delivery, no strategy to fill the mill (and there were opportunities), Simberi, still in a bit of limbo, permit extension is critical).
The asset base is there but management needs to walk the talk.
I must admit I am underwater backing a turnaround, although I have added at these levels.