Amazing...
1. we now get an explanation that the loan is to be repaid late March and not Feb as previously announced in August 2008. It has taken the company six months to discover and correct their error.
2. we now get a negative indication whether the loan will be repaid. Lets face it .. Wyndham was never going to repay it. That means that ADY will not recover the $50m loan.
3. Still no indication whether ADY may obtain the 40% of Vallenar from Wyndham in default of the loan. No details given re litigation in the Chilean courts preventing the transfer in March. When will the company advise shareholders about the litigation???? I assume it is still in the courts!
4. After several years of operation with CEO in Michael Clarke at the helm ADY announces that it has to relook at all aspects of its Vallenar operation. WHY? What's the use of having a dedicated CEO and paying so much only to have another party review the operation.Maybe a lack of trust?
5. Finally ADY advises that production cannot start until the review is completed. YA Global stands to make a killing as repayment ( over $1m per mth)of the loan commences shortly. ADY will need to empty the bank if there is no income from ore.
Again i stress ... ADY has become a very high risk stock. Take care folks.
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