I wrote an email in frustration to LPD’s head office and...

I wrote an email in frustration to LPD’s head office and received a lengthy reply from JW. As a lawyer, I’m not naive to believe it wasn’t pre-scripted, however it did come across as authentic. I do also note the obligations of company directors to act in good faith and honestly in their actions to shareholders, there was a lengthy explanation about Lyco’s profile in UAE and the following ‘The only promise I can make myself on behalf of Lepidico is that the leadership team are committed to delivering for shareholders. I firmly believe that this is the case, what we are aiming to achieve is challenging. Phase 1 is new – new process technologies on an unconventional mineral feed – no one has ever done this before. This means that at every turn we have to work that much harder to demonstrate to stakeholders – investors, lenders, offtakers, government, licensees – that the project and technologies are robust. Groups such as these agree to targets, we add contingency and this is what we advise the market. And history shows the contingencies have been insufficient. That’s on me. Yes, another delay is disappointing but the value enhancement from the Resource development programme should not be ignored or glossed over.’

Thoughts?