This announcement reads as a disgrace.
We can see that they acknowledge not shipping in Q2 45,000 to 50,000 tonnes announced on the 13th of May as pointed out by
@surfyy
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The numbers were bolstered by comments made by the out going managing director Anthony Tse at the AGM on the 28th of May just 4 weeks prior to Q2 end.
We have seen nothing to change those expectations announced back on the 13th of May either.
That 15,000 tonnes on the Esperance shipping schedule was sitting there for quite some time yet the company didn't make any announcement to the market even on Monday when the shipment left Esperance.
They didn't inform the market and left it to after trade on a Wednesday night to keep us informed.
To me, it's not possible to say that they were not aware much earlier that they would be unable to meet those commitments made in the 13th of May and again in commentary made by Anthony Tse at the AGM on the 28th of May just 4 weeks prior to Q2 end.
Especially by Monday gone and perhaps weeks prior.
Had the company been unable to meet its commitments to shareholders in Q2, why do we still not see a shipment of that further tonnage on the Esperance shipping list right through into August? Even in July where they have kicked the can?
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I can suppose a number of factors, however it seems from the aspect of the holders in this company we have been severely short changed by a lack of care and consideration for us all.
Is it reasonable to say we should be able to expect better? - I think so.
Whilst management are heavily invested a majority of their holding has been gifted to them.
It's clear to me that the company particularly the board need to sit down and think about how those invested here with their hard earned expect the company to be operated.
In my opinion they have a responsibility to ALL share holders and with that said a moral obligation to do the right thing by everyone invested.
This includes keeping the market informed which from this late announcement they have not, and have therefore failed every one of those shares the company has in the market unless being shorted.
Many investors I know and reading on here have placed a significant amount of capital and trust into the company only to be treated this way.
It's not right!
The entire board should be ashamed of themselves for not providing continual disclosure which appears to be evident.
Whilst we can hope they make things right, from the discussions and promises, we have witnessed over time it's perhaps safe to say that these guys don't have a plan to make things right and any announcement is just lip service with no value attached.
