cash flow, page-33

I see four categories of shareholders:
1. Those dupers
2. Those who were duped, and are out
3. Those who were duped, and still in
4. Those who will probably be duped soon

I only have have a small investment in GGP, hopefully enough to qualify to comment, since there now seems to be lower limit on opinion credibility. BTW it was a large one by my standards once, and I havent sold a GGP share yet. They are in my "lessons learned" share pile.

It became apparent at one point that the company was doing everything it could to stall its own progress. At no stage were they ever upfront on delays or the reason for them.

Then they comprehensively and completely diluted shareholder value by going to the stockmarket equivalent of Guido the loanshark for funds that cashflow from sticking to the original plan would have mitigated.

SHR#5 is unloading fraccing fluid, great, a year late. Hopefully they dont make the decision in the next few weeks of declaring it a test well too. Unfortunately, that would be a consistent business decision from the company given track record.

At no stage can anyone expect that shareholders' interests are even a remote consideration with this company. The share price reflects that lack of trust and anyone investing at this point should probably factor in that even if things progress from here, any announcement from a management that now has no credibility will be met by complete scepticism from the market.