Yeah I have stayed away from posting for a while now, as I didnt want to get into a bickering contest with Nose, over the DSO results as quite frankly I wasnt sure or confident of the return. To me it was always a bonus, and my focus was on the fact that TFA where paying us $20mill + more placements @ 20cents was less then half these levels.
I did take 50% of my holdings of the table at 10.5+( iam a trader see disclaimer below) and am now almost free carried, but that doesnt fully take away from the pain of seeing the share price half, and I still hold a fair wack of stock ( i was a top 20 holder).
The thorn in our side is Sin-tang, I can see by the dumping and failure to disclose holdings, that they are continuing with their dubious trading tactics of just dumping without disclosure. (Unless anyone wants to raise their hand of doing that 450k dump yesterday down to 7.2cents). I was quiet suprised as I thought the market had priced in failure of DSO given the price had fallen from 12cents to 8cents pre results.
While the DSO result are disappointing, what I find solace in is the fact that TFA is on board, they have set up shop in perth, hired staff and are contributing a further $20million cash (not placement or share dilution) to the project + another placement @ 20cents and 24cent options to a company that right now has a market cap of $7mill fully diluted .
FWL isnt going to go bankrupt the stock is just so thinly traded that anyone can market move it. The market right now is factoring in the worse and sentiment is fractured (which happens after bad news), and given the fall, I will just wait it out, as I am quiet confident when we get confirmation of the funds from TFA, that support and optimism will return, because the stock would be trading at 1/3rd of the cash NPV cash levels (not taking into consideration the magnatite)
It is just a waiting game, fear will subside, realty will kick back in.
LCG Price at posting:
5.0¢ Sentiment: LT Buy Disclosure: Held
