why I sold

it seems to be fashionable to attack anyone with a contrary view to the ra ra squad here

I bought my first parcel at about 4c, topped up at 6c, took full entitlement in the SPP at 18.5c and recently sold the lot for a very tidy profit, and isnt that what we are investing for?

for a long time I heard that CLA was different to all the rest on ASX, that mgt was different to all the rest on ASX, BB was very approachable and helpful etc etc.

to his very great credit when I had reason to raises queries I received a prompt and fulsome response for which I was most appreciative.

like many holders I stumped up for the SPP on the basis that the SS was imminent and quietly cheered when the directors announced they would forgo their SPP entitlements to allow maximum holder participation

when it was oversubscribed I hankered for the refund so I could reinvest it before the SS came out

then came the delay to the SS, not a few days or couple of weeks but months, first red flag

then came news from BB that he had bought $100k on market at 15c which seemed a nice move and restored some confidence

but I have waited for advice that the other directors, who presumably would have otherwise bought in the SPP at 18.5c have now stepped in to buy on market - have I missed that news or did they not intend to participate in the SPP in the first place....second red flag

I no longer have confidence that the company will meet the self imposed date for the SS, of course it may and it may even come sooner but the veil has fallen

results were expected early August too, now if nothing today or tomorrow then by my reckoning next week will be mid Aug and another self imposed deadline missed

my other concern is that whereas there seemed a sound basis to hope/expect the share price to go from 22c or thereabouts prior to the SS delay to about 30c post a good SS but now I reckon a good SS will be lucky to get the share price back to 20c

and then there is the soft cobalt prices and I dont share the optimism about how quickly it will bounce in the next few weeks or months

so I am all out and will look for the criticism and to be joined with the other "clowns" as a heretic but you wont get any reply from me so knock yourselves out

I sincerely hope that PG and a couple of others make a squillion because they certainly have worn their hearts on their sleeves for a long time

for those in the red on CLA the choices are easy - sell, hold or buy more, I made my choice and the money is in the bank