Champers, we can't be sure the directors are inactive - they are certainly silent. I had high hopes when Martin Rowley came on board - haven't heard boo from him but maybe that's how he rolls. The sale of Jiangsu (when it eventually happens) was transforming - we were DOA with debt and we'll be flush with cash - how much is unknown until the deal is done. In the process we get rid of a loss making factory and its high costs. I think we have accountants on the board cutting down our debt and Mr Rowley trying to sell the farm. Maybe noone wants to buy it atm.
Our best hope, which is a long shot, is for two or three companies wanting to buy SdV (effectively a whole takeover) - because if there is only one interested they can wait until the cash burn wipes us out. If there are 2 or more there is also time pressure that would make them compelled to act swiftly. There was that huge deal with Albermarle t/o Rockwood - US$6.2B, it makes our little company look like small change. I'd bet FMC have looked at us - but I'm not sure who the other potential suitors are? SQM? Talison? KORES?
The worst part about the whole sale is the deadline of Jan 2015 and that the buyer is our lender at 10%. Weird conflict of interest. But the Chinese were holding all the aces, and still are.
GXY Price at posting:
4.4¢ Sentiment: Hold Disclosure: Held
