mse - last chance to buy before the re-rate?, page-12

Yes, I can see your rationale to some extent and understand why you chose not to hold (I can only guess you've got your pockets full with ADN from much lower prices - congrats), not to mention its productive to have a range of views...
For my part, yes I have done my research and the way I see it to date is:

• MSE has only really telegraphed its strategy which revolves around the material scale of deposit offering volume of high grade ~34% AL₂O₃
• I'm of the belief there is a DSO market for high grade kaolin and again variation in what I have seen between the two are 34%vs 37%
• Drilling and further testing of ore / feedstock is what is truly needed to see what MSE have (all that is definite is it can deliver high grade ore, who really knows what else is in the 120 km² tenement) in order to state without doubt there end product will be "completely different, similar, but completely different" and yes, I know what your are alluding too and accept they are fact as it stands today.
• The vendors from what I understand are committed to the project, John Goody stepping up to the board to lead technical and exploration on the Cynthia deposit (which he was involved in back in 2004-7 and back then I believe it was being considered for paper/ceramics) He has a 45 years’ experience in minerals exploration and transformed AQR into AML.
• As for sale 31% holding coming out - realistically the only assured way to realize the value on a holding of this size and actually obtain cash for it, is to aid / see the project reach its true potential and have new shareholders (ie small / medium instos) step up pending MSE delivers on its promise and presents a more tangible business / investment case to bigger end of town
• On a red flag basis, I'll wait to see the first substantial shareholder notice that confirms the these 31% (holding >5% each) are selling - before I jump the gun

And, I would strongly suggest that the only trouble that will appear from a board perspective will be if its complacent and not proactive in delivering the impetus / direction which enables shareholders (yes shareholders - not their) asset reach full / true potential - at a pace that meets market expectation. One can safely assume that these 31% shareholders will have a strong alignment with the remaining 60-70% of us...why not they need m/c to rise and hold to deliver buyers for their holding one day = business / asset succeeding.

PS - for the record I think ADN has done an incredible job and is a standout in the space, without question (m/c ~$130m wow). But, hey there's a global market that requires product(s) and I have no doubt MSE will find its place on both a short term (DSO) and longer term (HPA 4N) perspective and m/c suits me fine...lets hope Trump trade war gyrations deliver another buying opportunity as yes, to my eye it has run a little hard and I keep missing to up opportunity