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20:25
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Originally posted by Vinny99:
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It is disappointing to see the share price so low but lets think about what has actually happened in the last 3 months - Early Nov23 the share price was about 25c after good prelim results from the drilling. Then it dropped quite a bit because of the delay/issues with the side-track, wireline logging and fluid extraction. Then it recovered to about 21c after gas was actually discovered but then subsequently fell to around 16c-17c. So the fall from 25c to 16c was completely unexpected as all that happened was good news in-between. I don't see what management could have done about that. Then there was the institutional CR that was required and done at a 15% discount to VWAP which is quite standard and the price further dropped to 13c. The company had to offer the same terms to retail holders but for some reason the price dropped to around the 10c mark (again, not sure management could have done anything about that). Off course most retail holders did not take up the offer as the price was below 13c, so the Retail CR failed. The failure of the retail CR has pushed the price even lower due to the perceived funding risk. Not sure management could have done much about this either. In the small cap exploration space price fluctuations like this will happen as it's all about speculative capital flows.
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They could have underwritten the RI, but maybe there are reasons they didn’t, it was always going to be high risk at that time of Year, so let’s see what comes out in the next few Months, a cornerstone holder would be nice.
