RE:BuffetJr
I wasn't going to post again for awhile, but someone sent me your post and felt it was warranted.
Your comment about "little frustrated with past/current management and Directors" is EXACTLY why I cannot understand why there was so much opposition on this forum to Jervois. It's like the majority here thought about the future WITHOUT Jervois. Did anyone seriously think ECobalt management was just going to pull up stumps and quit of their own accord? And if they got pushed who would they have been replaced with...lets be frank here.
Without JRV it would have been more of the same, the company doing nothing without funds. No instos would have given them another dime except at a firesale price. The capital structure would have been compeltely destroyed...and even after all that, it still would have failed to survive and eventually delist. Or get used as a shell (which probably would have been a better result than anyone could have hoped for).
It's why i never went near it until JRV made the merger proposal! Sorry to be harsh, but anyone who did have ECS prior to this only had themselves to blame...it was pretty obvious it was a dead man walking for a LONG time bc of dried up capital markets and directors that had no idea what they were doing...their continually changing studies for example were ridiculous, particularly the revised study whcih was a complete disaster. JRV will do one now and it will be the RIGHT one..because these guys KNOW what they are doing.
JRV was a lifeline. This BS about other suitors...come on, get real...if there we're any they would have popped up a long time ago. FCC? Joke, they have no money themselves, and a so-called plant in a different bloody country. They wanted ICP so they could screw ECobalt shareholders while shipping ICP ore to their dud plant at bare cost. But ofc FCC couldnt put a competiing bid because NOONE Would give them money, and a scrip bid would have been outright rejected by majority of ECS holders.
And there were no other legitimate suitors! None, ZIP. If anyone believes there were they are lying to themselves, or to others.
Now as you say, two directors have 'feathered their bed'. Fine be angry but see and accept the reality. It was required because guess what, without it they woud have been sacked if merger went thru...so guess how they would have voted? And then the vote WOULD have failed probably, and you'd be stuck with what I said above. So yeah they were given jobs to get the vote thru. But I guarantee you one thing, they will be asked to justify those roles by actually doing some work now...if they don't, they will get turfed.
I don't really have to say any of this anymore, there is no reason for me to defend JRV because the 'race' has been run and won...but I'm here saying it anyway because everyone (as usual) needs a reminder about the REALITIES of the stockmarket. It is what it is and sometimes what looks like a stick, is actually a carrot. As is the case here.
If people want to continue with their misplaced anger and keep thinking this was some horrible deal and that they've been robbed, rather than accept the reality that this was what was needed to avoid complete investment loss, then I'll leave them to their blinkered views.