Even though I sold off most of my holdings on Friday & Monday, I...

Even though I sold off most of my holdings on Friday & Monday, I listened todays webinar, as I was feeling a bit of sellers regret, and wanted to check/confirm whether I made the right decision or not.

Frankly I was shocked ! Firstly, James’ demeanour was one I’ve never seen in him before. He was stressed, nervous, and stuttered through the prepared statement. He is clearly under the pump. I honestly hope he is ok !

The contents of the webinar and Q&A were quite poor and, in my mind, didn’t address many of the key SH concerns. My key takeouts were

- BOA customers not as eager to finalise as we’ve been led to believe. Not ‘knocking down the door’ after-all

- Initial ‘starter’ plant to accommodate anticipated lower demand for product

- Timeline for commencement of operations again pushed out

- No financial impact provided on these changes

So that means the DFS, which only a few months ago was a conservative ‘base case’, is now at best severely compromised, or worst case a crock of sh*t. Either way the firm has not provided any guidance, and should as a minimum publish a revised DFS, noting also the changes to capital requirements, any variances in plant costs and differences in shipping/logistics. An updated NPV is required. Otherwise how can the market properly value the company ?? ‘Trust us’ won’t cut it anymore.

I was also surprised by how few Q’s were answered. Not good. I understand JM can’t answer SP Q’s, but SH’s are wanting good information, and this was the opportunity to provide.

A couple of other things struck me in Q&A. The carbon capture plant is still in pieces in Newcastle, really, these nanotech projects are really dragging on, I guess GICAN doesn’t have the same urgency as SH’rs for a result. And nothing on HPA !?

Also James comment about management not able to buy shares because of blackout I callout as bs. Sure there are blackout periods, but there has been opportunities for the Mick to buy & for Joe to sell !

Lastly, I hesitantly suggest that ADN have been sailing close to the wind on their continuance disclosure obligations. The fact these ‘material’ changes to strategy and DFS have not been released as PS and in more detail is a big black mark imo.

Anyway that’s it for me. I’m now fully out. I truly wish all shareholders & the company good fortune, I’ve enjoyed reading most of your comments, and perhaps might see you back on the ADN blog in a year or two. All the best.