Good post 777. I agree with this for the most part. I'm...

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Haplo

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19/08/19

19:17

Post #: 40045396
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Originally posted by 7seven7 ↑

Thinking that the suspension will drag out much longer until offtakes are sorted and finance renegotiated. C&M while we wait. Sell stockpile or slowly feed it monthly to Jiangte while everything else is sorted out, thus allowing them to still operate their carbonate plant while Alita get their sh*t together.

Must be a nervous participant or two in the Tribeca debt holder consortium if they want to call the default based on not approving the new mining plan, etc. Actual debt payments have never been missed by Alita to date. Tribeca separately holding 90M shares outside of the debt consortium... Likely some internal bickering amongst the consortium which will make this whole thing much harder to renegotiate if some want out while others want to protect their equity as well.

On top of this, Burwill are in a TH and seem to be in a hole. Ideal case they break away from the carbonate line JV and Alita replace them, on similar terms to the hydroxide JV proposed.

Things are not looking good but it's a stretch to say that VA is immediately on the cards imo. Maybe a CR if needed to cover more of the debt in the short term.

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Good post 777. I agree with this for the most part. I'm beginning to believe this has been a bit more orchestrated than I initially thought.

There was that massive selldown from 20c that took us below 10c. Then the debt/cash on hand requirements became an issue from Tribeca and the strategic review was kicked off because of it. I'm wondering if management knew something was afoot.

By the way - The Nord Sincere appears to be moving or at least being moved - so if that 11K shipment, if ours, means more cash on the books.

With cash on hand possibly no longer became an issue, Tribeca (or part consortium) took the opportunity with the new mining proposal to bring the default letter into play.

There is certainly still real risk here of them being able to appoint an administrator. Although I might add that an appointed administrator may pursue the option of simply paying of Tribeca their owed amount and place the mine on C&M - then reopen the company as an explorer as some here have already suggested.

Burwell in TH doesn't seem like a coincidence either with all what's going on.

All the best to shareholders with what happens next.

Haplo

A40 Price at posting: 8.2¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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