Ann: FYI Resumes Control of HPA Project, page-66

Everything that happens is a learning exercise for a trader and as long as you're still in the game you get better.
The lessons will vary from trader to trader.
Here's a few:

Never give rope to a dope.Have stated several times that Roly sold us short but didn't believe anyone could really be that niave to do the deal that was done.Finance was doable at the time,much more difficult now.But the whole board should take responsibility.They gave him the rope. Asculpeous should have got out. Lesson.

If a small cap,never trust Alcoa Australia.They have severe reputational damage.

A tiger doesn't change it's stripes.Bad analogy,this is no tiger,more a mangy dog, but even the FYI announcement misses what we really know: why the JV didn't proceed.Suspect that we'll get more waffle.The announcements were foggy -should have got out.Alcoa was playing Roly not meeting what was an agreed timeline.

Despite all of this,perhaps something can be retrieved from the ashes although this is Asculpeous being optimistic and trusting to his detriment at times.Suspect it will take new management to resarect the situation.

1.We still have a pilot plant -we presume although Roly may have let it fall into disrepair or sold it off for a taxi depot or something.We don't know;we should know.
2.We may have a well drilled kaolin deposit whose fate we have not heard off.Maybe the dope let the lease lapse.We don't know;we should know.
3.What of the JV for anodes? No mention of what is happening there.Again Asculpeous said long ago that it was a bad move.Maybe that can be progressed?

One does feel a little sorry for Roly. No doubt he tried his best and din't want the stress of an independent course- another Lesson....and he may be down more than most of us.His reputation is in tatters.We assume that he has reasonable mental health.....Stress does bad things to good people.He is at the very least burnt out {certainly burned}


Will Asculpeous be selling? Don't know. Roly has let us down so many times after what appeared to be a brilliant move.Now it has been proven to be a bad move.Roping Ecograf in : a bad move.Not seeing that he was being hood winked: Roly's niavete. Roly is a good bean counter and can run a tight ship,and FYI needs this,but it has greater need for a go-getter who is prepared to do the hard work required to bring the project to fruition.