Thanks for the reply. From the transcript I read all subsequent reference to the "Strategic plan" to be their plan A, which was put after plan B steady as she goes. Previous reports and production forecasts also seemed to indicate that the future development could be met within the $150M anual operational cash flow at current production and costs. I would not have invested in them again without some confidence in this. I think if your interpretation was correct they would have to refer to "these strategic plans"? Also I looked again and the only reference to $30M capital raising was as the limit available without a vote, I don't believe it was ever put as a viable option (given it is so far below our operational cash flow, and would be within means of alternate financing.
I also think it is a bit dodgy that they have not outlined the strategic plan better in terms of costs and outcomes. They would have done that to Shandong, and anyone else they approached for funds, but do not consider putting it to the shareholders. In my experience whenever I have not been told what I am getting for an investment, I have not been getting what I would have liked.
FML Price at posting:
3.7¢ Sentiment: Hold Disclosure: Held
