Ann: NAIF Completes Thunderbird Strategic Assessment, page-9

Good post. The strategic manoeuvring required to piece the puzzle together for best LT financial outcome was flagged by the new Bruce, if not clearly articulated. With multiple parties involved there is always the possibility (probability) that requirements and targets keep moving. In reality the new JV in addition with a knew product/process design basically took SFX back to the pre-DFS, pre-finance stage whether management new it or not.

While we all patiently wait for the pieces to fall into place, maybe Franpower should be engaged to write the project updates (and maybe someone else to edit them down to market attention sized bites haha). The release should have led with and made clear Franpower's point that:

"The strategic assessment being completed also indicates that NAIF still see the strategic merit in the project and have now progressed to the negotiations and DD stage"... of how much to lend the new TB project, for what purpose and terms. Emphasis in bold the positive point lost in an otherwise underwhelming and frankly negative sounding release.