Denial.....are you in denial?Above $2??? Well if there were...

Denial.....are you in denial?

Above $2??? Well if there were off-take agreements, institutional shareholders on the register, banks willing to lend, and new board of directors, you may get above $2.....but in reality none of this exist.

And Sino Steel aren't going to fund this project for free! Waayne has now painted himself into a corner. It will be impossible for CDU to raise $200M on the ASX without massive dilution. Insitutional investors never believed the CDU dream, and WM has now well and truly burnt his funding base.

IMO, he has no credibility left as a CEO to take this forward.

The opening of the data room shows that the JORC is useless as the basis of a capital raising. Maybe CDU's resident HK manager, ensconced in the Four Seasons hotel, can flush out some funds. Is he still needed?

The other point worth mentioning; no debt funding or capital raising (IMO), will happen until a BFS is produced.
That will be a telling document.

I have a small position in CDU. Decided to hold for the JORC, and got burnt. CDU was always a spec stock and should have been invested into accordingly. I think the big disillusionment being felt by holders is that they thought they were investing in a 'sure thing'. The 'sure thing' was fueled by the CEO's talks at the AGMs and the ramping here on HC. Intentional or unintentional.

This thing of ringing management and then posting on HC should be outlawed. It provides a sense to punters that you are getting the 'real oil'. 95% of the time the answers will be what you want to hear. Instead of remaining critical and cautious, you drop your guard. The stock market is about trying to take money from other people. When you sell at a profit, that is what you are doing. This is more so in the spec mining area of the market.

The other thing I believe should be outlawed are share buybacks, CDU style. SBBs should only be allowed out of retained EARNINGS, IMO. The CDU buybacks, IMO could open a can of worms in terms of class action litigation, IMO. If management knew the JORC was going to be below expectations,
back at the promised release date of the 2009 AGM, and then at the time of the cobalt issues, AND they continued with the buybacks...... well, directors have fiduciary duties in relation to the use of shareholder funds.....

Sorry going off topic a bit there, but there have been things sticking in my throat for a while.


Cheers, Skip