As a shareholder you put your faith in management to make the right decisions.
The market then decides whether or not management have been successful in what it is that they are trying to achieve.
Results will provide evidence whether they have been successful or not.
Today the market is voting with it's feet by exiting. Confidence has been lost and with the oil price at 30 dollars I am sure management would agree it's a hard sell.
I spoke with Sean this morning who is currently overseas, and he could not explain the selling. I asked him if Ziggy was in Australia and he told me he was. I tried to call him as I have spoken to him in the past on numerous occasions and he did not answer or return my phone call which was made over an hour ago.
Infact he hasn't returned my phone calls for the past few weeks.
That tells me that he is feeling disgruntled and not happy with the current situation. There was a time he would gladly take my phone call when things were looking more rosey.
One big difference between being a shareholder and a director is we have no control how the company gets run or the decisions that they make. Raising a lot of money which severely diluted the stock was in my opinion not the best result for shareholders. 4 billion shares is a massive total for a company to digest and when hundreds of millions are placed in the wrong hands the end result can be a disaster.
I only hold a small percentage of what I once did because quite frankly I lost confidence in management when phone calls were no longer being returned.
LWP Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
