I think you have highlighted a key point - that the Company made this statement pertaining to "continuously keeping shareholders and other stakeholders informed throughout the process" in their ASX announcement dated 14 January, the day they also announced that UBS had been engaged as manager/adviser for the formal process.
I suggest that the subsequent shift in internal 'policy' occurred post the UBS engagement.
With regard to timing of the process, having been involved in a number of transactions over the years I can assure you most things take longer than you initially expect.
That said it's important to note that some key personnel did not return back on deck until the end of January and most corporate activity in this country does not recommence until after the Australia Day holiday. In all reality the process would not have commenced in earnest until early February, initially with UBS focusing on cleaning up the presentation of due diligence material, preparation of updated Information Memorandum and identification of potential target JV partners.
If we assume that a number of weeks then passed prior to signing Non Disclosure Agreements, we are well into March before any group has yet started to sift through the mountains of information available in the data room, let alone completed due diligence on a 42 year project, let alone prepared a formal JV MOU or agreement.
I think most corporates would prefer to do their own due diligence prior to making a decision - the basis on which an independent expert or Taurus assess a project may be on a very different set of parameters to what they may prefer to use. For this reason, while it adds a level of credibility to the project I do not consider their previous analysis can replace a group's own feasibility analysis.
Even if we take the reduced 3-4 month time horizon and apply it to the amended "realistic' process start time (say mid Feb) - we are still within the time frame one would expect.
I am firmly invested alongside you 2ic - I wish all holders the best of luck over the coming months.
SFX Price at posting:
55.5¢ Sentiment: Buy Disclosure: Held
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