Chatham Rock Phosphate - CRP

[MAC]

It is certainly or perhaps uncertainly an interesting read on a Wednesday afternoon.

I generally understand the company’s position and also the political quagmire a law change will get bogged down in, it really won’t be an easy or a short process, and may even terminally spill beyond the tenure of the present government.

But, what I would like to know at this time is, who is going to fund the re-application.

It won’t be Subsea they are skint from their investment failures and/or delays in Neptune and Oceanica, it won’t be Odyssey, they are barely afloat as it is, excuse the pun, it’s unlikely to be Boskalis, they have never invested cash.

Subsea won’t now take up their 28.8c 31/03/2015 expiry options which would have resulted in a circa 15% dilution.

It’s possible that some investment vehicle may pop up and take that 15% shareholding for peanuts and finance the re-application, who knows.

But most probably, sorry AOR holders, I think it may very probably be you that provides the cash now.

Find out tomorrow I guess, if anyone is going, do let us know ?

[Xerof]

MAC, not sure there's too much in kitty at AOR. I supported the last CR of AOR's in a small way, was mightily pissed off when the bulk of the funds raised for 'new ventures' was promptly handed over to CRP (existing venture), so I sold out of AOR entirely at very slightly less than breakeven. I'm not sure AOR shareholders will be too keen unless there is a very strong case put to them on this. Once bitten....comes to mind

[artemis]

Here is the answer to today's Question for Oral Answer. Quite a bit of wiggle room there for changes to make the Act more 'practical and workable', while retaining support for the EPA. Which the Minister has to do of course.

9. Exclusive Economic Zone—Legislation

[Sitting date: 18 February 2015. Volume:703;Page:6. Text is subject to correction.]

9. DAVID SEYMOUR (Leader—ACT) to the Minister for the Environment : Is he confident that the Exclusive Economic Zone and Continental Shelf (Environmental Effects) Act 2012 is fit for purpose, in light of the Environmental Protection Authority rejecting both the recent ironsands and phosphate seabed mining applications?

Hon Dr NICK SMITH (Minister for the Environment): The exclusive economic zone law is new, and prior to 2012 New Zealand had no regime for regulating the environment in our vast oceans. I am confident that the purpose of the Act is sound. It is about New Zealand being able to take up the opportunities for economic development in the exclusive economic zone, subject to appropriate environmental controls. The Government is taking a careful and considered view on other amendments to the Act. There will not be a knee-jerk reaction to the two consent decisions referred to. Both the Environmental Protection Authority and my ministry, in their briefings to me as the incoming Minister, raised a number of implementation issues with the Act and flowing from this we will be progressing amendments to make the new regime more practical and workable.

David Seymour : In the Minister’s view does the Act currently give enough weighting to the potential for creating investment, jobs, and growth in provincial areas of New Zealand such as that defined by the boundaries of the Northland electorate?

Hon Dr NICK SMITH : The vast exclusive economic zone actually affects the bulk of New Zealand’s electorates and represents an area of about 23 times the size of New Zealand’s land area. That is why it was such a significant decision for our Government to be the very first in New Zealand’s history to have some environmental rules in that space. Any new law that I have been part of, in my 25 years in Parliament, always requires some finessing and that is why this Government—

Grant Robertson : That’s right. Every one that you’ve been part of does.

Hon Dr NICK SMITH : From my recollection, right through the last 9 years, and I will tell you what. We have fixed up a fair share of that Government’s mess-ups—just to mention the $4 billion ACC loss that landed on my plate when I became the Minister. We will be doing some sensible finessing of that law that will work for Northland and the rest of New Zealand.

[NT001]

I see CC is indicating he wants to drain investors funds(I mean keep himself employed) by resubmitting the proposal.

I thought someone said he was flying out to a new job in Namibia.

[cammo]

Im surprised the coral issue was a serious moot point. They could be simply fragged and reseeded back to the ocean floor after the suction extraction. CRP could have set up a floating culture facility so it could be sent to the floor once complete. That coral is quite abundant.

On another note, i read in that publication that they said the nodules were the reason fishing was so good there. rotfLOL! The reason they are on the floor is because they are INSOLUBLE!

[NT001]

Well personally I wasn't that impressed by CC's statement today - it read rather more like an angry rant than a considered statement to the market, and won't have endeared him or the company to the EPA next time round. But it did have some nuggets of truth in it and the market must have liked it, as the SP rose 185% today. Or was that a reaction to Nick Smith's comments in parliament today? Either way, it looks like CRP may not be as dead in the water as some have assumed.

[Crystal Ball]

I see CC is indicating he wants to drain investors funds(I mean keep himself employed) by resubmitting the proposal.
where can I sign up for this once in a lifetime opportunity for richness......NOT.

Haha, why doesn t he just go to Negeria and align himself with those professing great wealth to all that will provide safe haven for his millions - of course for a small fee......

[Absolute144]

Well, heres an old article, growth is on the agenda, and we do still have the same government do we not?

http://www.interest.co.nz/business/6...40-warns-fall-

[Crystal Ball]

no doubt he has looked into it....had a long (paid) break, while waiting for the EPA execution, to review all his options.......considering his announcement today he obviously considers NZ investors a promising target.
opps I mean he really believes CRP " are in a strong position "....... yeh right pass the tui
Past history shows that kiwi's like to take a punt on an under dog so I am sure with the right spin and lawyers saying we have a chance of winning(as they do) they will be able to raise capital. No doubt the more capital they raise the better their chances of winning........ well that's what the lawyers will have you believe.
Perhaps they will employ Brian Tamaki(destiny church) to help raise funds.
Before some of the over confident start crying in their tea cup.........I am not saying the decision from the EPA was correct, in fact it was very poor IMHO........ but personally I believe anyone who thinks throwing more money at it will get you a different result is insane and you would be better off giving your money to the Destiny church

Think I would rather flush it down the toilet than line Tamaki's pocket......

[Daytr]

TTR came out initially with a pretty strong response, in regards appealing etc & they tucked tail & ran & they were much better funded & supported than these guys. Why would you appeal unless there was significant law change?

Also why were they referring to Northland in the questions in parliament?