I spoke with the ARU team last night.
They acknowledged the concerns around the shorting activity and the repeated patterns we’ve seen. It doesn’t undo the damage or recover the value taken from retail holders, but it confirms what has been happening across every ARU raise for years. That behaviour sits squarely with Cannacord and Barrenjoey - it’s consistent with how their raises typically play out.
The most recent additional $175m raise only reinforces that we won’t be returning to their offices anytime soon.
There was some attempted gaslighting - trying to isolate parts of the FID release and suggesting they benchmarked how others might have announced it. What they failed to recognise, and what I made clear, is that you cannot treat this FID release as a standard event. You cannot ignore the actions of shorters who clearly had access to information. In isolation, their release plan might look acceptable, but in reality, when you have a leak, you must adjust. ARU knew this leak was coming. I told them personally. I’ve raised it before every one of the last nine capital raises. They chose not to act. That’s their mistake and their carelessness.
Today, the company is undervalued for reasons we all understand. But this is where we are.
Last night I made a personal decision: I’ll move forward. I will exit this company in time, and like everyone else, I’ll take the return this investment ultimately delivers. This is a once‑in‑a‑lifetime project, and we should be celebrating this milestone. We will - eventually. But the last decade was eroded by corporate behaviour that worked against retail holders.
I’ll continue to give my honest view here - the same way I have for ten years. I won’t be posting on HC anymore; that environment has become part of the problem. It’s the lose-lose of the criminal world.
Each week I’ll speak with someone from ARU’s inner circle. I’ll share updates here - nothing requiring market disclosure, just clarity and honesty. As always, some information will come from ARU, and some from my own research.
I’m likely the largest single retail investor in ARU, and I have no issue calling out the good and the bad.
Construction is a major milestone, but the history is tarnished. ARU must accept responsibility for the carelessness that contributed to this.
I’ll share the more positive parts of last night’s discussion later - in more depth with tonight or tomorrow, depending on my schedule: the chat was as follows;
1. They begin with contracts, construction. Wow!
2. Contract pricing is being renegotiated in the positive to reflect the times.
3. $175m is extra, so if oil issues subside we don’t have to raise this in the future.
4. They are tracking and doing further investigation of past issues raised
5. Germany offtaker is in final stages - will be happening.
6. Minimal of the HRE product is contracted, so offers significant upside in western markets
7. Most of the capital raise is already in the market so limited selling pressure.
8. I will come back with the ARU upside after the weekend. I have an another planned chat on Monday with ARU.
To all long‑term holders: I’m sorry. I do feel partly responsible for not coming up with a way. But I can say with absolute certainty that I did everything I could, even to the point, it has been embarrassing for me as a human - at times, shining this light
Peace.
