Happened to be over for work from Melbourne so dropped in to have a look. The presentations were very much snap shots - 10mins - and I was unable to stay after to discuss further with Ian due to other commitments.
In summary - terribly dissapointed as a shareholder in the 10 min snap shot. Ian's performance was less than stellar and felt like a used car sales pitch. Maybe this is due to the poor track record of the projects & timeframes to date. Seemed like a scratched record stuck on the same old news. Was selling "Chapter 2" being the next phase - very insulting seeing that Chapter 1 is far from complete.
Anyway presentation performance asside, key points; - indicated $40/t margins to JV and TRF 20% share of that - IFE mining to start next month (sounded wishful) - Income to JV in last quarter 2012 (said this quarter then corrected imself, again hopeful tones in his voice) - promoted the shipping solution in 3 years for cape size vessels. - harped on the dividend from ROL investment (possibly could say that wasn't in the best interests of the company so not sure why you'd highlight that now with only $3.5m in the bank) - showed his octopus, highlighted international interest (to me international expansion is a total distraction and waste of money when so much is to be done on the task at hand. I think Ian just likes flying around on shareholders cash) - talked up the leases quality but no substance to back them up. (Verse other presenters showing clear work plans, timing and deliverables, the vacuum of "trust me" wofted through the room) - showed a development slide timetable (tonnes by year) for IFE, but when you consider what needs to be done and the funding required this is a again beyond wishful thinking.
The presentation was handed out on CD, mostly a mix of previous slides from other presentations.
All in all - increasingly frustrated holder. My sentiment is moving to exit as I no longer have any faith in Ian to be anymore more than a good Geo and used car salesman. He definately is not MD calibre in my opinion. But seeling at 25c makes no sense either - it is worth more than that.
Hopefully better times ahead.
TRF Price at posting:
24.0¢ Sentiment: Hold Disclosure: Held
