shrewd management

The more I think about it instead of management being inept they may actually be shrewd. Consider the following:

In March they needed extra cash to complete Longtom. At that time global share markets were dropping as if there was no tomorrow. The chances of doing a capital raising was remote at best. So the company did the most logical thing and sold 50% of Longtom to AED. Since Longtom wasn't finished and global markets were crashing AED's price of 155 million dollars would have been at a significant discount to true value.

More forward to June. The global economy seems to be stabilising and share markets have significantly recovered. The prospects of a capital raising were becoming realistic. Then comes the delay with the final hookup of Longtom. Did they orchestrate this delay? They aren't seeking any compensation from third parties. So I presume the delay was their fault. But why would they purposefully delay Longtom unless the delay could be used as a means of wriggling out of the AED sale.

More forward to August. They announce a capital raising. But why do they need extra capital if they are selling Longtom. Because they know that they can get out of the sale.

In March their preference would have been a captial raising instead of selling a soon to be producing asset at a discounted price. However market conditions forced them to choose the later. With changing market conditions they were able to cleverly manoeuvre themselves back to the original plan. The manoeuving may have appeared to be ineptness but considering they haven't had to sell any assets at reduced prices it is more likely shrewdness.

In today's market a producing Longtom is worth much more than 310 million. Once it's in production it will be easier for them to sell a part of it. The buyer will not be getting any discount this time.

Anybody got a realistic valuation for an in-production Longtom?