Zuelva knows what he's doing, but a lot of people mistakenly think if someone knows what they're doing they'll play a clean game.
It's pretty clear Zuelva has no respect for shareholders. The people praising him are the same ones who hero worshipped him when he was very promptly responding to their emails and filling them with optimism at 50-80c, despite JZ presumably knowing at the time the price was going to crash, and like all of us they're currently watching him sitting on his hands maintaining radio silence with the ASX while the share price collapses.
Not proving an update when it was clearly expected, not telling the market in advance not to expect one, not even saying they were going to stop at the time the update was expected, not even saying a word about it weeks later while the price is plunging, responding to emails asking why the reports stop with nothing more than "There's currently nothing to report" (utter garbage, either there has been disastrous failure or the continuous production trials were successful, as they said they were, in which case the quantity of product has increased substantially which is exactly what the market wanted to see).
I don't believe we've seen catastrophic failure with "successful" continuous production trials producing minimal product. Assuming that to be the case, the deliberate choice not to give a report after a significant milestone when a report was fully expected to come can only be a deliberate choice to crash the price or phenomenal stupidity or laziness.
JZ knows exactly what's going on. Imagine being in his shoes. Either things are progressing nicely or they're not. All signs point to operations going swimmingly. He isn't sitting around stressing about when the market gets an announcement about how much we produced or how soon we'll be in non stop continuous production etc, he knows everything there is to know and he clearly doesn't care that shareholders are panicking. Avoiding a temporary drop in share price clearly isn't a priority (unless you believe they're keeping failure a secret and being deliberately misleading when they say the trials were successful).
It seems like the game being played is to allow the share price to fall as low as it wants while sitting on news, contently knowing what will happen when it's released (alternatively it's disaster and holders are doomed and he's nervously delaying the inevitable).
However you slice it, saying there's nothing material to report is garbage when we've successfully completed our first 24 hour continuous production trials. You can't have that happen without there being details which would be of great interest to shareholders and potential shareholders. I won't say any laws are being broken because in a technical sense you can legally say it's not material, but a deliberate choice is being made to withhold information the market clearly wants, and a below average monkey's pet snail could see that withholding that information which the market does know exists was always going to crash the price. If that snail knows it, JZ knows it.
In a nut shell, I agree that JZ is waiting for bigger news before saying anything, the game seems to be to create the largest possible rally, and a lower share price first helps to achieve that, and the multiple potential benefits of doing that are probably at least obvious to that monkey, even if not his snail. This will stress and freak out shareholders but that's clearly not a concern of JZ's, and he's not stressing about the short term share price because he's actually watching operations.
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