All just my opinion after some time to digest the announcements...

All just my opinion after some time to digest the announcements and posts here.

I’m in two minds about this CR – I believe it was a prudent decision for the shorter-term benefit of the company to unlock longer-term benefit for shareholders, but I’m also dissatisfied with how FFX have executed it.

As others have pointed out, I see this as a safety / risk management raise. The last slides of the presentation list the risks FFX foresee in getting the businesses to where they want them to be:



FFX have stated their goals, now they need to ensure they execute to plan and manage their risks. Since taking the helm, AC’s performance speaks for itself through the SP (and to an extent MA’s, but attributable credit to him is blurred). Short term SP has been terrible, but this time last year I did not expect my bottom drawer holdings to be where they are today. I am giving the team the benefit of the doubt as they have exceeded my personal expectations so far (mindful this could be coloured by years of non-performance by previous boards).

That said, I am disappointed in how FFX have managed shareholder expectations. The keener eyes and ears may have anticipated this (I did not through my admittedly rose-coloured goggles), and camban did call something lurking in the water after not seeing material SP appreciation after two substantial announcements.

I personally believed FFX would be able to secure enough funding through debt (naïve on my part, did not fully consider risk of defaulting if commodity prices tanked). Breadcrumbs pointing to this CR were scattered around in hindsight. I would have preferred to be told it straight, and FFX had ample opportunity to highlight this as a certain/high probability event, rather than an afterthought (my impression, my own fault for not seeing it, I cannot expect to be spoon-fed though it would be nice).

Lots of posts here expressing frustration, contentedness, anger, optimism, disenfranchisement. IMO expectations were not managed well, and while FFX is de-risking, our potential return has been reduced, given the same expected outcome (which seems to be the case as acceleration of activities with more funds does not read any different to the original plan - is this signature under-promising?). How does this raise in addition to debt funding improve FFX’s “flexibility” / resilience / probability of achieving its stated goals? Will we see progression reflected in the SP, or will Hartleys do a Hartleys? Time will tell.

Hope you all have time to unplug over the weekend and be with your loved ones, refreshed and ready on Monday to do whatever you decide on doing with the information we have.