BB like GZ I don't mind the merger with SLR who I respect. I think it is the next best thing to getting rid of the current board and recapitalising the company. Tectonic's attachment to Phillips River goes back around 20 years (maybe even longer but I do have a copy of a prospecting licence application for a Kundip tenement from 1991). I have been a shareholder for only 10.....I will talk Tectonic rather than PRH because the change of name was part of the farce which is the current board.
There are a lot of good mining people who have been associated with the long and winding road to where Tectonic is today. As GZ said the amount of work put into the metallury and lab scale experimentation of Trilogy ore (to be able to produce saleable concentrates) was high class work and really was the icing on the cake for the DFS.
I have a distinct feeling that many of the good men who have been a part of Tectonic's history will want to play a role again either with cash support or expertise at the board level. Many have stayed on as supportive shareholders. Many of the contacts in the industry who were supportive in the past and ignored by the new management may want to help again.
About 4 years ago now Tectonic were very close to running out of working capital following the cash burn with the Burnakura JV with Extract. The cash and shares we received from SLR for Tuckabianna (wish we could have sat on the 1.6m shares)plus cash out of the pockets from some of the directors of the time kept the company solvent.
I think the SLR takeover bid (I fail to see the word merger as being appropriate) for Tectonic in a ironical way is best thing for the Company. It was slowly and very quietly being strangled to death by the current board and management.
At least now it is all up in lights which can only be good.
PRH Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
