Concur with your views about complexity. The only person still on the board from that time is the founding director and major shareholder Graham Chrisp. Oxley is probably his brain child. Company has been refocused on Ardmore since 2019-2020. Current managing director Robert Mencel was brought in around May 2021, and his expertise is in phosphate.
I do not think there is any in-house expertise in potash at the moment so no synergies with the current cost base. They would need to start hiring but that would only begin once Ardmore is producing reliable and healthy cashflows. Currently everything is being invested into its ramp up.
Based on my observations of Chrisp, I do not think he'd want to bring a partner in or sell Oxley, without understanding the value first.
I see them starting to hire potash expertise by mid-2024, and going over different investment possibilities in late 2024. By early 2025 Ardmore stage 1.5 should be in place and cashflow forecastable.
CXM Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
