You don't need to reply to this question. If the share price keeps falling and more people buy around these levels it will be harder to get the sp back to where it should be imo around 25c+. Not only will you lose credibility with brokers/fund managers/investors/creditors raising funds on behalf of ADY...current shareholders will be disappointed. The aim is to get support behind the stock and make sure it does not fall beyond the last placement price or convertible note value etc. so far we have seen this happening and soon it will break 17.5c (June tax selling July US annouces recession etc.) ....You have many things up your sleeve that can keep the sp at certain and higher levels...EG. Speeding up the demerger process (promise little and deliver more, timely delivery etc.)...IO and Lithium contracts which need to negotiated on profitable terms)...and annouced sooner rather than later...Lithium, IO & Potash are all the current commodities that are in flavour however the sp does not have the support to reflect this...I know you are working hard towards these goals but the market is concerned about the outcomes...supporting the sp will allow comfort to investors Response From Phillip Hi, While we do have an interest in having a share price as high as possible, it is not our top priority concern.
The fundamentals of the company have not changed. We have addressed the issues we had appointing a new MD in Santa Barbara, we started the filling the ponds for our first production of lithium, we obtained the first tonne of lithium in January, we have equipment in order to increase production, we have done 2 shipments for the WISCO contract and one spot price shipment, so we are acting diligently.
The demerger process can not be sped as we are waiting for an ATO decision on the Rincon shares to be allocated to existing ADY shareholders. As previously stated, if we get an adverse response from the ATO, we will not proceed.
Shougang is undertaking a due diligence process prior to the negotiation of a 10 year iron ore supply and support with $40 m funding.
Admiralty has always negotiated iron ore contracts on profitable terms. If you are referring to the provision for loss in iron ore contracts mentioned in our last Half Year Accounts, this loss has been caused because the shipping prices have rocketed due to the commodities boom. We have learnt our lesson: negotiate on FOB prices, instead of CFR prices. The spot price shipment that we sent to Shougang at the end of March brought in between $4m and $5m revenue to ADY.
The tender processs is underway. We are gathering documentation for institutions so we can obtain further finance, additional to the the $40-60m that we will receive for the winner of the 10% of the 10 year production tender offer.
Unfortunately I can't force the outcomes. The Management Team and the Board Members are ensuring the best rewards are ripped by the ADY shareholders.
Regards, PT
ADY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
