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Hi Stormking,
This collaboration between FUT and PYM is quite interesting. At first glance, its hard to understand what FUT?s area of business is. They claim to be in the ?managed investment scheme? business apparently.
Thus said, FUT have come in on 2 occasions (Once for the Atocha project in October 2009, and again for the Catahoula Lake project in early 2010) to lend $700, 000 to PYM in return for a 50% farm out.
Considering they bring in little technical expertise to the collaborative effort and are merely financers for PYM, I would say that they have definitely got in very cheap on these projects. 700K represents only about 5% of PYM?s current market cap, yet in return for this they receive 50% of the profits from Catahoula?? That?s definitely stacked in their favour. But then again, when you are a small company like PYM and you want to farm out interests in order to keep liquid/ spread risk, I?m sure you will deal with companies like FUT. In my opinion once PYM develops its projects and starts to bring in greater revenue, they should shift strategically away from the likes of FUT as it is too costly in the long run and only serves the short term financial bottom line for desperate times. What are your thoughts on all this??
Here?s hoping they hit big on this Turner Bayou drilling and get the stock trading at the 20c valuation they gave in the Resource roadshow announcement.
Good luck holders,
JJM