Pleasant to not be abused as the other TAS respondant did.
Yes I applaud along with you companies having a go.
On the other hand despite what you may think I have well over 20 years as a full time trader and extensive experience in a lot of fields. Over that time I have seen many companies come and go. Maybe TAS makes it, but my experience tells me it at best is a long shot.
I look through their announcements and to fund the ones made in the last 12 months including the HOT rock scheme the amount of funding needed is somewhere around 20 million to have any hope of seeing a commercial return. Drilling 2/3 holes 5000 meteres and building a power plant and water pumping facilities is not cheap. Now when it was announced TAS had under 500 k in the bank and no experience within the field.
With the Chinese announcement and funding that hopefully will come off for 2 mill that covers just the Brehon /Edem minimum for about 6 months. I suspect they will need around the same amount by mid 2005 and another 3/4 million for several years to come.
Having the experience and watching EEL/GPE flounder ... another green company as well as REL ... my conclusion is the field to start off with is hard enough. Coupling this with China and Chinese investment ... well. Have seen too many run with there tails between their legs from China.
Lastly I really do not like the accounts of TAS. The numbers and expenses don't add up. Makes me wonder especially since two of the three directors appear to be full time emplyees of a law firm. According to their current annual report MR GH Solomon paid himself a salary of $130,800-. Then also TAS paid $157,500 to a management company controlled by GH Solomon and then paid $54,755 to another company controlled by another director for management/professional fee's. Seems somewhat excessive to me. Page 21 of the annual report section 13 A.
As to any illegality or breach of corporations law, I am suggesting no such thing. It is legal for a company to do what it likes. My contention is that I don't like what it has done and question the amounts paid and commitments made with under 500k in the bank at the time. The transactions are not transparent as they should be in this case with two directors of a company being involved in the sale of shares. What did they get for the shares ? The remaining interest they hold in the company in question also remains murky.
So in summary. I don't like underfunded green energy projects. Have a look at REL and GPE/EEL. I don't like investment in China. Numerous examples. Track record of current management of TAS is woeful. Accounts of TAS and expenses being racked up says a lot to me. Need for the company to raise further massive amounts of capital suggests to me further serious dilution of equity. Looking forward don't expect the company to make any money in the forseeable future. China investment and hopes costs will be covered by carbon credits is hopeful in the extreme.
That being said with the expected demand for funds out of the company expect them to try and drive the price higher and make it look more attractive for the poor people buying into any placement.
Sorry you are in the TOP 30 but that suggests your holdings are only somewhere around 400,000 TAS shares or $32,000- if not less.
My questioning the fees and expenses run up when I compare it other small miners and especially to ones with more active drilling than TAS had in 2003/2004 well ... one I like who drilled in five different areas managed to only run up costs of around 60% of what TAS managed with its pathetic drilling program over the same time.
Wishing you all the best with this one.
TAS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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