Hi Rusty, My reading of the agm is much along the same lines as yours. I mean sure the bod may have been prepared for an unhappy audience but the way it actually unfolded would have caught them completely off guard imo. Some of the questions were silly and even the ones presented in an intellectual manner - a lot were laced with aggression or confrontational in general. After the meeting was the most productive time for me - both in the room during nibbles and in the bar after, perhaps you should have made time for a quick one. I also came away relieved but must say not looking forward to another 6months of some vindicating themselves on this forum
New pathways have opened themselves up for this company, in fact I would go so far as to say that there may be a silver lining as to how events are unfolding. For example and obviously we are now in a position to create competition and based on little snippets from the bod after there could well be some in the next few months, discussions are happening and once they get to the pointy end things will get interesting. We are waiting on now is someone else or even multiple parties stepping up to the plate to make a commitment. Everything else financial speaking is in place, waiting to be pulled together. BB has regular(monthly I think he said) meetings with all potential financiers(all in the one room inc NAIF), they all know what each plans to commit and they know where the "gap" in the funding lies, he meets with them to satisfy their requirements for possible commitments(independent reports on the deposit for example). There is obvious risk that we may never find another OTer but I think there is more chance of it happening than the reverse scenario.
For another example on possible silver linings, the ability to create competition may limit the equity portion of any deal. And for the people here who bang on about the 8% discounted rate, if the plan to fund this thing is executed in the manner the bod are proposing then that discount rate may provide upside.
AUZ Price at posting:
1.5¢ Sentiment: None Disclosure: Held
(20min delay)