Ann: Strategy Funded for 18 months - Jupiter Rising, page-146

It's an interesting one to review. DFS says we'd get $30m to cash out of Riley. That's basically 20 x 45k tonne shiploads at say $1.5m to cash per ship. Purpose was to help fund Lindsay.

We have expended 1 x shipload so 19 left. Arguably $28.5m to cash left. But planets need aligning as we know. Iron Ore price, shipping costs the key things. Even when we tried, shipping went from $18/t to $75/t. Painful. Plus missing what should have been 5 x shiploads sent off (all because of no project management in place early) last price spike hurt hugely.

So faced with $3m sale price plus $0.6m bond back less selling expenses against all the work, greens interference onsite and at Burnie they made a decision. This board maybe just didn't want the combined overhead of having Riley and dilution of management time when focus on Jupiter and maybe Lindsay/Livingstone.

So maybe equating to getting out of a share at a loss and popping that cash into something else with a multi bag return. Maybe.

Can agree or disagree with the decision, but there's the inputs.