I agree with @mmac22 that communication in recent past has not been that great and there is scope for improvement.
As mmac mentioned, there could be info about mine development progress, production timing, drilling etc. Market would like to know what is happening with our flagship Vares project and that timelines are going to be met.
Orion financing to be finalised itself took a bit too long, and that was the first time communication and timelines seemed to be a bit slack. Market needs to know that this is not going to be a regular feature.
Also not too happy with the fact that some people with better knowledge than the ordinary retail shareholder have sold some shares (since last half year).
First it was SFR who sold out completely. There is an explanation that they wanted to focus on Matsa.
Then Paul selling a bit of shares around that time. Not entirely happy but I can understand it, considering how overweight his entire net worth is, with regards to ADT.
For that matter, there have been other LSE announcements such as sale/purchase of shares by UBS, Helikon, etc. which could have helped ASX investors form a better opinion. Not too sure if it needs to be reported but it certainly helps and ASX investors should not have to hunt for info.
So I certainly understand management selling some shares along the way as it is not easy to hold on for 4 years with "diamond/silver" hands. At the same time, it is certainly not easy for any shareholder to buy when they see management selling, even a small amount of shares. The logic is simple - if management don’t see value in the selling price, then how can they persuade the general market that there is value in the selling price.
To a certain extent, I can understand some timelines being pushed and less information from Serbia considering recent past of Aus-Serbia tensions (Djokovic issue, Rio Jadar mine, etc.). Also the Bosnia Republika Srpska issue might affect sentiment more for ADT in Serbia than in Bosnia IMO, considering the excellent relations ADT has in Federation of Bosnia and Herzegovina.
Also Serbian assets are far less material than Vares and Bosnia/Vares is ADT's flagship asset and ADT's market cap is substantially less than even Vares Net Present value.
So to a certain extent, I can understand less information from Serbia but IMO, communication of progress of Vares and other stuff mentioned above needs to improve.
Hope ADT management work on this henceforth. I think management has done a great job from inception till date, but yeah, there is plenty of scope of improvement after ADT reached the high of 3.35 in October, and communication needs to improve.
ADT Price at posting:
$2.26 Sentiment: None Disclosure: Held
(20min delay)