Ann: Investor Presentation - Shareholder Webinar, page-214

I have held off posting on the presentation until now, to see if my opinion changed much. I don't understand that ADN don't understand they essentially issued a profit warning. Of course the share price went down, as the narrative changed substantially from what had previously been the story.

Just one example of something that leaves an off taste for me is that none of the plant has been ordered, yet we had a credit raise and the principal reason for this was to order long lead time goods. Shareholders were told something and it didn't happen. I find that really very arrogant to be told that shareholders do not understand; I understand when I have been told something, and when I have been told something, I expect that to be what transpires. The counter to that is to say that one cannot go ahead until signoff. Understood, but don't say that the CR is to place orders for long lead time goods when there was no intention of doing so, as it tarnishes credibility with stains that never fully wash off.

The DFS plan is sound, I'm ok with that, it's just a change from what we had been led to believe. I like the plan, as I like conservative, and I like underpromising. Plus the global economic backdrop is ugly, and this is not the time in the cycle to be overly ambitious without excellent reason.
Viewed in isolation, the investment case looks really quite compelling, and of course all the blue sky applications are still there.

What could they say? Not much really, as there is frankly little that can be said at this juncture that will move the needle apart from indisputable sales numbers and done and dusted operating costs so that one can see a profit. And right now they can't be sure about costs, nor have they any sales to really write home about. As the sales come, confidence will rise and the company will do what I expect it to do and become a major global player. But it's all for ADN to do. They need indisputable sales with completed transactions.

I'm a long time holder with a decent slug of shares and I didn't sell anything; I'm certainly a somewhat stale bull. However I didn't buy any more, either, which I think also says something. Overall the shakeout is no bad thing, it frees up room for fresh optimism from new holders who haven't heard the stories before.