When I skimmed over the Annual Report recently I missed seeing the following:
"After Balance Date Events A sale agreement has been entered for the disposal of the tug Demi Maddison on 19 July 2013 for $1,200,000. Proceed from sale has been received by the Group on 27 August 2013."
So that has to be good news.
I've been pleasantly surprised that very few holders chose to sell after the DAC delay was announced. I had previously said that I thought the SP might drop to between 10-14c, and whilst it did briefly hit 14 it soon recovered a little. Clearly now, barring unforeseeable events occurring, with a DAC decision hopefully only a fortnight away, the SP should hold or even increase somewhat as the date approaches. With a meeting on today we should see the agenda for the next meeting on their website in a day or two, and that will hopefully confirm IronClad's presence.
It was good to read Ian Finch's words in the report; they echoed a sense of frustration with the amendment process, and seemed to suggest that he and the board are champing at the bit to get things rolling at speed. I remain very optimistic and believe this could be my best investment ever, in time.
TYX Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
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