It seems to me that all they presented is management's same old story.
The fact that they acknowledged that they over promised and under delivered should paint a clear picture of what these people are about.
People shouldn't be reassured by that concession, they should be very concerned.
"...We're going to see significant improvement in grade and profitability soon..."
How many times have you heard that? But of course this time it's true!
Why? "..because we now realise that we've p!ssed people off with our loose version of the truth so now we're just going to tell it to you straight... " That's actually funny, but nobody's laughing.
I'm gobsmacked that they're still going on about the rain event. If people want to see the real effect of the rain, then have a look at the quarterly figures.
If the rain was still affecting current production why weren't shareholders kept up to date about that?
There is nothing in what you've recounted of the meeting that actually says anything about when they expect to turn a profit.
Same typical ambiguous statements like "...The company is expecting a strong second half to this financial year..." What does that mean?
They've been expecting 'significant' (have you noticed that is BD's favourite word) improvements in production and grade since they started.
The funding deal comes at a huge cost and is basically a cheap takeover.
9% interest and 18% just to teach you a lesson if you don't agree to them getting their 84M cheap options. Nice.
Pacific Road are taking a huge punt on the basis of possible upside.
But they don't always back winners, and if BLK fails they still get a good portion of their money back.
