Ann: Investor Presentation, page-31

When the facts change the market changes it's mind. Back on the 5th May when the new Bruce dropped his delay bombshell I posted

In the mean time seems the market agrees with my take that the delay news outweighs the good news. I looked long and hard at filling in some of that 47c prop bid this morning but had to head out for a couple of hours. Thought it might be still there when I got back but not with any conviction. Wonder if the new Bruce is doing any dog and pony shows to drum up market interest, another question I won't be calling up to ask. Price and volume action will answer that one....

Well, a fortnight on we have our answer... drummed up no interest, no buyers except some a few traders re-loading on the way back down. Sure there's part China fear, part market drop, but's imo this last minute delay continues to do the damage. Not just does yet another delay say there is no news drivers to bother hanging in the stock for, and that construction is now definitely out until 2022, but the market's uncertainty about the BFS, contracts, offtakes, finance etc gets worse with every unexplained delay. In the markets uncertainty is a killer.

So like game of snakes and ladders we're back at 'too cheap to sell but too expensive to buy' considering new delays and uncertainty. Check out the buy/sell depth after closing auction, an appallingly illiquid standoff. God forbid the board actually put hands in their own pockets and buy on market with real money to show some faith... .



Daily chart shows the two week collapse on delay news, punctuated by a weak bounce off an oversold 2 day 10c crash. Volume crap and everyday it's almost always disappointed sellers hitting the bid to get out. Broken the uptrend channel since last Aug YSJV news, 36c was some sort of over 2021. SFX has history frontrunning good news so the lack of any buyers indicates there isn;t any on the horizon. Looks like we're all prisoners to illiquidity in this value trap even if you really wanted to put the money to work elsewhere. Next support back down is 32c, which may be all anyone desperate gets unless the new Bruce can drum up buying support? Not an easy task considering the reputational damage SFX copped at the hands of the old Bruce...