Fantastic mews imo. They will do what was supposed to happen last year. The company is now going to have more than twice the number of shares on issue and have virtually lost a full year, but this is the best outcome possible.
The cost cutting at the top that was going to happen last year is now being undertaken and the orderly divestment of non core projects will have the twin effect of reducing cash outlay and bring in extra funds. This should've happened mid last year when the writing was on the wall.
Hopefully we get a jv or at least a royalty agreement on Juruena as that has good future potential. High grade projects are king.
I feel confident enough to take up my full entitlement. Not happy with the last 12 months but glad they got rid of the main culprits. Incompetene in the extreme imo.
CAS Price at posting:
2.0¢ Sentiment: None Disclosure: Held
