@subi1These are my views only.. does not mean I am right.
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I thought KOMIR was supplying the raw materials and they still might be but only for Korean sales." - this is where I see red flags with many companies and most of the time I turn out to be right. Why do we have to assume these things when the company can actually be very clear and transparent how this contract works.
When I see lot of vagueness that forces investors to assume too many things, things that should actually be in company's reports but are not it almost always ends in tears.
Some of you held and did not sell when SP went many times above its fair value while I sold way too early. But we are not discussing who bought when and who sold or did not but we are discussing if the company is transparent with their reporting or not.
Also, just because we made money with both ALK and ASM it does not mean these companies could not be run lot better than they are right now. How on earth ALK can trade with MC below $400 while having Boda. It's SP is barely above the SP when they reported results for 003 at Boda. And trust me back then Dubbo was worth next to nothing in their SP as rare earths was still not in fashion.
I was actually not in favor to split ASM from ALK and wanted to see ALK as diversified miner. They kept saying we will be multi-mine company but tell me one single bit that points to ALK becoming that in the next 10 years.
The split was done because it suited Ian G who ended up with boat-load of free shares in ASM. Yes, us ants also picked up from scraps and made decent coin but is ALK better off now? I doubt. It just got stripped from a valuable asset. We would have made same profit if ALK kept Dubbo as SP would have go even higher considering they also happen to have profitable mine as bonus.
For Ian and Nic and whoever is ASM CEO is easy.. getting paid, picking up free shares and options that every now and then get in the money so they make some extra profit but for those holding the shares for years (those that bought into ASM not the ones with free shares) both investments are more painful than toothache. No dividends, most in red since they bought and many would have topped on ALK around 70c-80c and some did same with ASM around $3-$4 and/or participated in the CR at $4.80.
How can this qualify as well run? I'd say they got lucky they held assets that got in fashion and benefitted from it for short period of time but did not know how to take full advantage of the situation. 1 Examples for each:
1. Why Ian G and the team did not do CR and raise $150m for ASM when SP hit $13?
2. Same as above but raise ~$80m when share price was around $1.20?
In both cases management knew roughly what they needed to get the projects moving. Did they really think ASM with over $1.5bn MC could go higher without producing anything and without any meaningful contracts in hand? With only a nice story and lab samples in hand, did they really think SP could have doubled to around $26 and then do CR?
