Who has Control??

Given the current state of affairs - it seems the CXX Board has already lost control of the Panda Hill project.

I think the Board are sitting there, just as frustrated as the rest of us...as mere "passengers" on the Cradle bus...waiting for the project's REAL driver (Tremont) to announce the offtakes and financing. These events are well over 12 months behind their previously announced schedule and yet the dates are progressively being pushed further and further out without so much as a whimper. There is no explanation from our Board as to what the holdup is and their seemingly lack of interest in their shareholders has clearly been illustrated. What are they contributing in return for their fees?

Tremont own half of the project, they also own (as good as) 20% of CXX's half AND, to sweeten their bargain even further, they get to negotiate the offtake and financing deals. So, in rough $ terms (based on our current market cap)....it looks a bit lopsided....

Current NPV of the project = USD~$400m
Tremont = USD~$26m for 70% of the NPV (USD$280m)
Rest of Cradle Shareholders = USD~$24m for 30% of the NPV (USD$120m)

We were put in the gun when Grant Davey sold his shareholding to Tremont. The gun was cocked when the offtakes and financing job was given to Tremont and now we are just waiting for them to pull the trigger....in their own time of course.