AEV 5.26% 2.0¢ avenira limited

rear window from afr

  1. 3,048 Posts.
    Now isn't exactly the best time to be out of a job as a stockbroker, so you have to wonder why State One equities adviser Brett Walker has stuck his neck out. In a fiery missive to clients about phosphate group Minemakers, Walker told his clients to take the money and run.

    "The operation was always going to be high cost and with little chance of raising the $1billion of capital expenditure required anytime soon, this project is going nowhere fast," Walker reckons.

    Now Rear Window would never begrudge anyone having an opinion and the broker seems to think that for the project to achieve the scale needed to survive in the long term it will take some serious investment.

    The only problem for Walker is the estimated cost of the first stage of Minemakers Wonarah project in the NT is more like $100 million- broker BBY has estimated $110 million with the prefeasibility figure out next month.

    When the company's managing director AD asked for a clarification, he didn't get it. So Drummond jumped straight on to BRR to get a message out to his shareholders. He said he was disgusted that a broker could put out that number. "They didn't approach Minemakers, nor apparently did they read any of our output or anything by other brokers or competitiors, Drummond said. "In a very tough market I think it's grossly unfair.... That such information can be peddled... It cost our shareholders about 10 percent yesterday and I'm not happy."

    You don't say.

    One wonders whether short sellers will pounce on Walker's position and the lifting of the ban on short selling of non-financial stocks that starts today.

    Rear Window hears that a letter from the lawyers is on its way to the folk at State One.

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