and so it begins, page-59

Angellus to put some perspective on it all, I used to hold CAP, and for the stage I'm personally at in my life, it was a fair amount of money I had backing this speculative company. In three I liked it because of Nick's attitude, the Hawsons project, and the the historically sound management of capital. I sold in the mid 30s earlier in the year having made a small gain on my reasonably long term investment. At the time I was simply derisking my portfolio because the markets were looking in a bit of an eerie position with the, now almost forgotten, Euro crisis.

Here's the thing. I just can't bring myself to buy back in again even though the markets have settled down considerably over the past 6-7 months. On one hand I struggle to see how or why a company could feasibly raise the $3B of capital required when you could buy 5 current iron producers in far more developed positions than Hawsons for that same amount of money (AGO, GBG, GRR, MGX and BCI). I also am unsure about how the proposed board spill will affect the stock. If Silvergate don't get up, will ASI turn away and ditch their 20% share in the stock, ruling out one avenue for potential funding in the future. If Silvergate do get what they want, how much will this fracture the relations and communications within the board. It's no secret that Nick and ASI/Silvergate don't see eye to eye, even though they mutually respect each others experience and knowledge.

It's all a little bit risky at the moment for mine. Too much uncertainty over the next few weeks to go rushing for the buy button!