Doesnt look like anyone can fault your logic, and it is the rigtht question to ask. No big return posts to this thread, so i thought it should be brought to light a little more.
I have asked myself the same question and cant understand the reasons for not waiting until after the release of the assay results (that we are still waiting on) as well as the resource upgrade if the product and hence the partner werent going to align. ie no JTC needed if no benefication.
I have been a long term holder of this stock, HUGE supporter even......but the shine has certainly gone off over the last 6 months for me.
In relation to the 'funding', at this stage, what funding.....? All we have is another major shareholder (which can obtain more shares in a staged process with the benefit of knowing what has or will be negociated as far as funding, and the terms associated therewith) that has received a private placement at virtually all time lows. They have the 'opportunity to assist with and maybe provide funding', but this was going to be the case with any JV partner, and as far as i can recall, no mention of equity in PLV has previously been put forth by the Company. Our funding issue was going to be sorted out at the last announcement, not delayed for another 6 months or more.
Tony mentioned in previous commentary that the JV partner would be a 'significant minor partner' in the project, I'm pegging now somewhere around the 45-49% level, rather than the 30-35% level that I originally thoughr. And thats if they are still going to be a 'minor' partner. Still with 49% of the JV with the Timone share placement of 30% in PLV, guess what, we are no longer the major beneficiaries of our own project which we have primarily funded.
My position is 'hold'......you would hope it can't get any worse.......
PLV Price at posting:
25.2¢ Sentiment: Hold Disclosure: Held
