So, you don’t think the source of the funding has anything to do with the contract for the front-end design…
Yes, it does, but there is no funding, only a LOI, which is contingent on Bechtel being awarded the EPC after their technical work on the FEED. If HEC pulled the pin, being one of the best EPC companies in the world, you need to be a little more conservative in what Bechtel may discover.
Is it not presumable that when the Korean funding consortium where in the mix, that Hyundai was part of the deal,
No. The KFC were appointed in 2021 some time (those announcements now removed from ASM website). In December quarter 2021, we were told that ASM had only just commenced the tender process for engagement of an engineering group to complete the FEED study phase of the Dubbo Project. The exclusive heads of agreement was signed with HEC in February 2022.
Just so we are clear the KFC comprising Cerritos Holdings Co., Ltd, Kamur Partners LLC, and ACE Equity Partners LLC, (the Investing Partnership) were a clown show, contributing nothing other than cluster fs which presumably led to our destruction with KOMIR. KOMIR were the key. Woodall was confident in a positive FID with South Korean funding. something then went terribly wrong.
Here are some statements from the heads of agreement and after the KFC ended their due diligence at Dubbo.
The KFC made it clear Korea needed supply.
ASM put so much butter up HEC cake holes it was hard to interpret anything other than we had the very best on board. It was only after HEC came onboard in 2022 that things started going sour. What did they discover!
This is politics, there are so many unanswered questions how do you expect there to be a conclusive narrative. We can only follow announcements, language and reality in hindsight.
If ASM had disclosed the real reasons for value destruction since late 2021, I more than likely would have sold. They kept that from retail investors. But surprisingly 60% of value was destroyed in 60 days... who was selling, why did they sell?
You really cannot justify the mess around this company, there are too many holes. That is why ASX and ASIC gave ASM a spanking on disclosure in late 2022. Yes, I am invested, yes i hope the global situation allows for offtakes and finance but we need real transparency from the company for all, not just for insider mates.
ASM Price at posting:
89.0¢ Sentiment: Buy Disclosure: Held
(20min delay)