Extremely low offer, page-19

Reading through the report one wonders if management are doing the right thing here.

If current trajectory continues much longer, debt covenants in danger of being breached and solvency issues come into play, under which Alcoa could scoop up the assets for pennies on the dollar.

An economic downturn lasting more than a year or two would be lights out under the current regime. Anyone looking at our share price chart in isolation would think we were in an economic depression already.

Holders crying the blues across the board but this approach sets a share price floor and guarantees survival.

Realistically, this outcome may be the best we can hope for.