You are 100% correct. The current CAP board got their way at the AGM and 2013 is the year that they need to deliver results.
IMO, I beleive Nick has a plan. When I attended the AGM at Brisbane, I was surprised and pleased to see the ASX announcment that Nick had converted 2 million options at 15c, worth some $300,000.
I don't see how he can't have a good plan for CAP but at the same time be happy to invest $300,000 in CAP.
The AGM was the first time I have met Nick and he does not strike me as a man that would throw $300,000 at a lost cause or as a man that would have $300,000 sitting idle in a bank account doing nothing.
Nick also has 750,000 shares in escrow, until 31st May 2013. These shares were issued at 48c and I am 80% sure finance for these shares provided by CAP.
The rebound in the iron ore price can only help any potential negotiations.
Whilst the current SP is killing my portfolio, I am happy to hold and see what 2013 brings.
CAP Price at posting:
19.3¢ Sentiment: LT Buy Disclosure: Held
