The company got a "please explain" a few months back for delaying an announcement: their view was they weren't really able to announce the NSK deal until NSK had signed the paperwork. So, now the company is (I think) trying to communicate more clearly with the market.
Another part of the announcement strategy is that that the company announces in a great deal a few years back how PSD is going to work - but if you look at it, PSD is technically 2 years behind the original schedule at the moment. (one slip was caused by a super-wet wet season, and another was caused by complexities in the NSK deal).
That probably has some impact on why the market seems to not quite trust management will achieve what the activities it announced in the past - these announcements are there to say "Ok, this is 100% done", then the market digests the news and the next day we jump.
I think this has lead to a great situation for shareholders (and management, frankly) where the company announces "Hey we're going to do X", followed by "Ok, X is still happening but with variation Y", followed by "Ok, our plans for X are finalised, so that's good", followed by "So, X is complete guys". And, it just happens that right now a lot of pieces are falling into place.
There is one announcement the company hasn't quite made yet, although all the other announcements have kind of made it implicitly: the company said in the original plan that it would perform an in-depth "bankable feasibility study" and then it would make an investment decision. Technically, all of this work to date has been part of the "bankable feasibility study", well SFG hasn't yet announced the end of the feasibility study, or the company's intent to invest in PSD.
Over the next couple of months, I expect the following announcements (please bear in mind, I'm guessing, and have no insider information):
During wet-season and next (2019) dry season, I expect the following announcements to come
- That the contractor information/expression of interest process was a great success
- That AAMI Group has arranged it's funding, and will be buying Legune, with the lease conditions already negotiated between AAMIG and SFG
- That the company has completed it's feasibility study and intends to invest in PSD
- That contracts for preparation construction have been signed
- That those site prep works have commenced
Beyond that, we'll have first stocking announcement, a few wild cards along the way, first harvest announcement, and phase two announcement.
- That finance for the whole project is being sought
- That finance has been secured
- That contracts for the works "proper" (that is, building ponds and stuff) have been issued
- That the works "proper" have started
PSD is going to run for years, and there are going to be a lot of announcements. It just seems like the company is really vocal at the moment because a lot of things are falling into place. I'd rather they make more announcements than fewer announcements.
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