Hahaha, you don't have to bite. You weren't wearing a suit...nuff said.
No that fellow who asked about the trading bookbuild platform was on the other side (opposite mic). I mighta been the guy ahead or behind you...looks like we were o nthe same side of the room.
And no I am clearly not a chemical engineer though a few of my clients are. That fellow made a good point and I would wager he is a hotcopper poster. There are a few chmical engineer who float around this forum from time to time.
Notice how he basically said the start up issues were to be expected?
About NC, could you blame the guy? Honestly, they did well to be patient. Ant-lynas and SMSL got a heck of a lot of latitude. It was more than they deserved. They clearly tried to hijack the meeting. NC as Chairman was well within rights to eject them but he didn't.
I didn't go last year so its my first time to hear NC and speak with him. He is well spoken and eloquent and very professional. A bit of arrogance perhaps but U believe jstified. You get older you get less patient for silliness. I have noticed this with myself (begrudgingly over say the last 5 years).
Owell, no there is no transcript. I said I had audio and that someone gave it to me. There was no warning or request at the meeting that auid recording was prohibited so someone went ahead and recorded the whole thing. If one wants to go to the trouble I believe minutes do have to be lodged with ASIC at some point...90 days after the AGM??? Dont quote me on this.
I know its the job of an executive team to be cool calm and collected so this may not be telling at all in any way but the demeanour of the whole team up there was very happy and very confident.
Tell me this, since you were there. DId they look worried at all in any way? About any aspect of teh meeting, the content, the votes, the shareholder questions, the SMSL questions or any aspect of Lynas future? That management team has zero doubt about lynas future success whatever that may be.
The COO was the man to speak to. And I had a real good chat with him. Very lovely gentleman. Easy going. Not pretentious. Happy to chat.
Customers are waiting hand and foot to take everything Lynas can produce (to 11kt). THis has been said 100 different ways.
I actually you and I may be similar in our thought process. I will give you this advice. I may be off base. You have said you been burnt once the last two times you held and from memory when you sold just recently you would have sold at a loss. I think you may be looking for, hwat is in your mind, a zero risk entry. Whether this is short medium or long term. But you are trying to your darndest to ensure its zero risk.
NC was very clear today. You can ask any relevent question you want.....doesn't mean you are gonna get an answer.
"optising production at the phase 1 capacity level" is jargon. If I hear it again I might scream. They need to cover themselves. That's all they are gonna give us other than what they have already said. "We will produce and sell 11kt pa". NC did eventually say that.
Eric has reinforced there is a profit in phase 1. So let's see. Monday or Tuesday there would be updates from Ords and Deutsche so let's see (in particular) what Chris Terry's thoughts are. His last report is estimating total prodn and sales of 4200t for FY13-14.
Looks like December quarter will be 900-1000t. Say 900t. So we'll have say 1000t up to December. Will he therefore maintain his position that Lynas will only produce 3200t for the 6 months from January to June? Based on the data if he maintains this position he wont be being objective.
So let's see.
Lastly, regarding your comment:
"I also assess the underlying business, but don't have the luxury of tying up funds waiting for the share price to turn. I only want to take a position when the price turns up and hold then, not sit for months as it drifts down."
You want confirmation. Funnily enough this is exactly how Institutional investors think. You would rather pay (potentially) a higher price but take less (perceived) risk.
That's fair enough. I would reserve judgement though on the "as it drifts down" bit.
Trees dont grow to heaven, but its not a bottomless pit of despair either.
LYC Price at posting:
30.5¢ Sentiment: None Disclosure: Held
(20min delay)