Hey Dollars,I feel your pain and can sympathise with your...

Hey Dollars,

I feel your pain and can sympathise with your timing. My resolve has been tested since the 249D failed, and I came close to selling but didn't.

I have a slightly different take on recent events and thought I'd share given your LTH status and obvious dilemma (as I'm sure you are wondering about buying back in?).

The CAPEX announcement I agree was a disaster, but in my opinion it was that bad that it reflected more on the BOD than the project. The market was already expecting a CAPEX blowout, and many suspected the BOD knew (and has known for some time) of this also but chose not to disclose it. Combine this with the BOD trying to restrict board nom's to 24 hours, Jono Fisher "leaving" the company with no thanks etc, these all reflected extremely poorly on Biddle's short reign.

I don't see this as the new directors jumping ship as Mt Peake was a write off - more like being forced to walk the plank given GW/CMT's overwhelming support. I also suspect that Singapore abstaining at the 249D meeting, has since been changed to FOR the CMT team and may have even been communicated to Biddle, hence being the final nail in the coffin leading to him not wanting to face another vote.

In my opinion, the market is reacting to the impending change to the BOD which will bring a level of professionalism, integirty, hard work and transparency that the company hasn't seen before (well not in my 7+ years holding).

Maybe your take is right and I am still being niave (oh God I hope not), but in staying with transparency I actually topped up on this announcement as I beleive that the next announcement will be the one the market has really been waiting for - and that's PB's resignation. You watch how PB can turn the SP up with this announcement (something he has failed to do for years)!!