Also attended the meeting. Left after SG suggested that @ 7.10pm the meeting should be over - started @ 6.00pm - after all we had been there for 2 hours. Didn't see the after action. There are a few matters I feel are worth noting: 1. The presentation was hardly something to write home about. Very poor and very old news. The financials were not presented fully openly - suggesting in the past year 10.5m was spent on PB. 2. SG states the PB holding is a gold mine. Yet is incapable of finding a white knight to put up the 30m needed to safe-guard the total holding. Even the up to $15m to hold about half. 3. Having attended a number of these presentations and AGM's - I am still very uncomfortable that SG can (a)negotiate a reasonable outcome from the legal stoush; (b) that he has a reasonable chance of forming a suitable JV in the ST and which gives GGP control; (c) that he can justify his comments that even with 5-7 billion shares on issue he can deliver a share price of 6-8 times our current price; (d)that he can deliver ownership of, at least, half of the PB assets - bearing in mind we need to fund drilling of another 3-4 hori wells in a very short time to hold half; (e) that he can break the hold by Novus on us (which I think is crippling this company);(f) He states he is a "financial expert" last night and yet he can't find funding - which is really chicken feed for most company's - even with the so-called legal hangover.
I am very nervious about our prospects but will hold until they are worthless. Lucky they are written off in my portfolio and I have no dependence on GGP's success or otherwise.
Have a strong feeling GGP is a SG, FP and Novus personal company and SH's are being bled dry in order to finance their dreams!
GGP Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
