ThinkinLoudly A good range of points raised. I agree that Hodder...

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gemboy

154 Posts.

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24/11/23

12:00

Post #: 71087788
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Originally posted by ThinkinLoudly ↑

I share your view @2ic . I am very concerned that this announcement is in fact all the lube STA could possibly muster ahead of a pineapple CR :{

Some obvious positives:
1. Flavio's gone. He was incompetent at best; mischievous at worst.
2. Much of the management change is about dis-assembling a very fat and wasteful empire.
3. Hodder I suspect is calling the shots. Dieder et.al left it till last minute to see if they could usurp his votes.
4. The facility is still operating ...

Some negatives:
1. An airstrip is going to change the fortunes of STA how?
2. 9 days @ 85% in November is a good thing????
3. Silence re Tanzania assets
4. I think STA is begging for forgiveness "...discussions are underway with lenders in relation to the impact these changes may have on banking covenants,..." I think it's inescapable that they do a CR to get gearing back in a box otherwise they'll be begging for decades. Get on with it!
5. Timing of this announcement ie right at AGM time :{ ... it's more about face than substance me thinks. This was one of Luke's flaws...

Whilst I think I'd like some of what @Vince has been smoking, I'm not convinced it will deliver a better outcome.

Have a great day

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ThinkinLoudly

A good range of points raised.

I agree that Hodder is now calling the shots as he is entitled to do as the largest shareholder. His best interest is essentially the same as yours and mine.

Given the now extended timeframe for banking negotiations, I would also expect a cap raise is on the cards as well.

The $11.9M to Tanzania in the September quarter was a shocker given the financial stete of the company during that quarter. Our exit from here will now be subject to the old "distressed seller" position. There goes more $ wasted/lost.

I am hopeful that the new management and board will move to act far more quickly than the old crew. If you look back on the installation of the "Fish Tails" which resulted in a significant improvement in product quality (ASX 17/10/23) the internal decision making timline is worse than dreadful - internal discussions started in March 2023, update completed over 3 days in mid September at a cost of $247K ... FFS.

If we go back to the major production issues which have been continually advised i.e. DMU availability and tailings issues, I will email the company asking for detail here, as I would like to understand the relative impact of each of these factors.

Given the new crew running the show now I hope we can get back on the front foot and lock in some progress.

STA Price at posting: 9.5¢ Sentiment: Hold Disclosure: Held
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