jp morgan valuation, page-9

if memory serve me correct, isnt JP Morgan the broker for UK fund raising? And they value it at 1.63.
How could they justified placing it for 2.33 then?

Two separate subsidiaries. The one in the UK is JPM Cazenove. They have been publishing separate reports. Cazenove initiated coverage last June/July when they were appointed joint broker in the UK. JPM Oz initiated their coverage here in November IIRC, and have been negative all along. Come to think of it, they have never had a buy rec on Hardman - which is quite wise in hindsight!

Anyway, am well and truly p*ssed off with SP for claiming that production had "stabilised" during the roadshows. I hope Hardman isn't going to turn into another Poseidon (what's the common saying...? liar at the top of the hole in ground)... What really ticked me off yesterday was the fact that he was issued 680k+ incentive shares a few hours before they released the update on Chinguetti.

Having said that, I am still a believer in the long term story and what the management has laid out for us strategically, what we need to see now is execution. As painful as it is to $$$$ being "burnt", I couldn't give a hoot about the potential further short term pain as long as they are building up the company for long term benefit. However, it is important for them to establish credibility with the market. SP has gone round telling everyone at the roadshows and AGMs that Guyane and Tiof is "on track" for Q2. I sincerely hope that they can deliver on those words.

618