Ann: North Portia Permitting Update, page-12

You have to wonder how a simple sale becomes a dragged out soap opera, particularly something like this where they didn't achieve a particularly good price in the first place considering the adjustments and plant/equipment that seems to have gone along with sale.

Anyhow, seeing as we're asking questions at the AGM, I reckon some reasonable ones may be:

How did CMC know they would get the asset as early as Nov 2017 (from news report Barrier Daily Truth & available on HAV website)?
Did the company solicit any other offers? Did they commission an independent valuation report? Did they hire an institution to spruik the asset to other potential buyers? If not, why not?

Wasn't the whole point of HAV doing the permitting (& incurring the costs) so that HAV could access the funds in a timely manner in order to allow the company to pursue the bigger projects? Now that's gone, & the company continues to expend time and resources on this asset, doesn't that re-enforce that the better option would have been to let the market know the asset was available and only complete the sale if a semi-reasonable price could have been attained?

And what of the statement in the divestment announcement: "Minimum guaranteed royalty payments of $300,000 per quarter from 1 December 2020". I guess that timeline is gone as well, so not really guaranteed.

In my opinion, when someone owns around 20% of a company, they have effective control of it. They take the kudos and they take the brickbats so I know where I lay the blame for the deals done in the last couple of years.