AGM notes My takeaways are, Cline has 30 million and has net cash requirements of I believe 50 million Inc capex. Cline does have inventory to sell. So anyone guess what the dilution would be if met coal prices continue to be soft?
Cline did not speculate as to how much met coal is available in the market, or how long it would take to work inventory levels down.
Within the next couple of weeks Cline should know more concerning contract status.
China and India will drive demand.
Cline seemed to be amped up over the upgrades to the Panama Canal for cutting delivery time to Asian markets.
Mr McKnight claimed that some of the met coal competition will not be around when the market turns (6-9 months) away.
I missed the name, but one of our new Aussie managers plunked 150K into Cline stock lately. Cline said their blackout is still in effect and that explains why there has been a lack of insider buying.
Mr. Bates looked frail and confused. I think Mr. McKnight kept the AGM on track, polite but firm. I am going to wait it out for a while, no rush with Cline. He also commented about the. 60 cent stock price speculation on Stackhouse. Too funny. The Board has some sharp minds, they acknowledged that they over promised and under delivered. This market hasn't been easy for then either. Not a free pass for them, just the facts.
In the short term any sales are a good thing, coal they have, they need some contracts.....and soon. I will wait it out but will not add to my position until I see some real traction.