Ann: Trading Halt, page-46

Some of us have forgotten that to preserve the current cash at hand for progress of the nickel etc related areas we hold while also devoting time/money to a partner potential spin off means new cash is needed.

That’s partly why I used the phrase fence off. Using too much of the existing cash at hand for what will ultimately prove to be a secondary goal wouldn’t really make much sense.

As well of course the point that Red noted, which is to stay out of the jaws of the bargain hunters.

The discount is around 12~% for the new shares which existing shareholders can have a go at while of course a peer recently gave a 25~% discount ( after several CR’s prior to that with a similar discount ), on some new shares while excluding the existing holders from participating. ARL have once again done the right thing there.

Someone mentioned a BFS? Those are generally done with the input of a partner. Thankfully we haven’t jumped the gun on that and are doing the right thing by waiting for a partnership with real money behind it.

After seeing the damaging ( in time, money and market perception ), hold rushing to create such with a partner who put in $0 by a peer I am very happy we are staying with on route of patience and prudence.

Oops- now salaries are being mentioned. The behaviour of peers is relevant to the discussion so let’s not forget that our peer’s Directors haven’t taken any pay cut at all.