I think most of us overestimated Burwill's ability (or willingness) to take 100% of production, but that was outside of management's control. The mining operation issues and the bad miss on production guidance however was not outside of their control and that part of the announcement was terribly disappointing.
I was kind of hoping it was the shares of the ineligible shareholders being dumped on-market but that turns out not to be the case. I guess that band-aid is yet to be ripped off.
A40 Price at posting:
21.0¢ Sentiment: None Disclosure: Held