FFX (ASX) Ann: Request for Continuation of Voluntary Suspension

Originally posted by ozblue: ↑

Everything from my last post was clearly from documentation and quoted, yet someone didn't like it and reported it for being unsubstantiated.

The aware letter 12/7/22 clearly states "FFX was aware since around February 2022...." about issues involving the sanctions etc, the later pro-active interview is still on FFX web page where Mike claims "no effect".

Can anyone remember the exact date of that interview (advertorial)? Maybe I didn't get the exact date of that interview correct, but it was March IIRC (and from the references given in the interview) Of course the FFX web page doesn't date these media presentations/interviews...

Also any management/BOD involved in any business would be deemed negligent and incompetent if they didn't immediately find out what affect sanctions would have on the business they were running. It's very clear they knew or should have known the effects of sanctions on the business ASAP.
It's business 101 knowing what is happening and affecting your business.

@Stoked1 ...... "I think they just simply had no frigging idea and had themselves fooled as well."

Is that really better, knowing we had rank amateur fools running the show? The part that told me this really was amateur hour were the currency losses. I think @fooca worked out ~$8m. Keeping funds in $A when both costs and returns were in $US, without hedging, is just incompetent gambling of shareholder funds IMHO.

Also IMHO the worst aspect is that the person who's idea was the Morilla acquisition has left, leaving behind a huge mess, and is now chair of the offshoot lithium company, the bit he wanted to get rid of, sorry 'monetise', which is also well below any believable valuation, most likely to do with the perception of competency of who is in charge...

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Reported for presenting information from the company? Unbelievable. Even their biased side of the story which undoubtable stretches the truth is damning. They admit themselves that they became aware of it "around February" whatever that means, and told...no one, naturally.

But you could go even more first principles than the announcement . They had some pathetically small percentage of their shiny new fleet turn up by January, as in the first month of the year. Basically it didn't turn up, 100% due to sanctions. Now if your quality management on big dawg pay managed to get a quality contractor to fill this lack of supply for exactly the same cost or cheaper, then yeah, the sanctions had no effect, and we wouldn't be here.

If though instead your quality management on big dawg pay hired a comically bad contractor that mucked everything up, then the sanctions are once again having an effect. In my view it's a bit ridiculous for management to say at that point that the sanctions that were a problem and we covered up to be converted into a "not problem", now suddenly are in fact a problem but only after we failed to hold the cover up "not problem" story together. Oh and also the date of this realisation will be decided by us and will be far later than when we concocted the initial "not problem" cover up story in the first place.

Every way you come at this, the lack of information released about the state of this operation and their troubles since the start of the damn year is a massive issue. Conspiracy theories have been trotted about, but whatever the case, the silence was unacceptable and potentially scandalous.

The stinging part of this embarrassing tale is that if Anderson et al want to get away with the "didn't know about the issues until later because the contractor was inept" excuse, then they have to take it on the chin for being shockingly bad management for a) not informing of this wrinkle in the first place, resolved or not (especially when not) and b) having such woefully shoddy hiring and/or overseeing systems (reporting for the entire week that in turn arrives a week late because reasons) in place to ensure that we aren't being ripped off by the crappy contractor they chose.