I thought it was a fairly decent and measured presentation by James, albeit a little defensive and evasive at times.
ADN's somewhat obscure products, large retail shareholder base, and unfavourable market conditions have got us to where we are today at 10 cents. The morally and ethically bankrupt individuals on this forum know this and exploit it as much as possible, so I think it's incumbent on shareholders to really take the time to understand their investment and decide for themselves whether its right for them to buy or sell. Controlling one's emotions is also hard but a supremely important skill to master.
It's unfortunate that JM made the comment about the sell off being driven by shareholders who didn't understand the DFS. However, I think I can appreciate where he was coming from. Shareholders were craving certainty, he delivered it in the form a viable business case, and it was met with a negative reaction. The fact that the DFS does not meet the PFS is neither here nor there. I would expect any company to adapt or be flexible to prevailing market conditions and risks - even if the financials are less attractive on the surface. Better to present an honest case than cover it up and be found out later. On that note, it was nice to hear JR admit that they had been a little exuberant with their timeframes around the time of the PFS. A little humility goes a long way in my book.
Hopefully now we will get some certainty, credibility, and stability from an insto or two and the appointment of Mr. Wilkes.
I liken investing at this end of the market to getting on a plane, I don't need to know how to fly a 777, but I do trust that the pilots are doing their job and will get me to the destination safely. Similarly, with ADN, I don't and will never understand all the machinations of running a company, but I do know a few things and trust JM to move the company forward. You either trust him or you don't, and most of the problems start when you don't trust a company but stay invested.
At the end of the day, people (and by extension, companies) are imperfect and mistakes will be made. Personally, I'm not going to conflate mistakes or missed deadlines with management's ability to create a profitable ADN.
Expand
(20min delay)