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Ann: Freedom Board of Directors Changes, page-9

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02/04/19

21:11

Post #: 37969281
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Originally posted by johnp12: ↑

Correct, Bluegoose, Yeager ripped up MAD and rebuilt it as FDM. His experience as an oil man and his knowledge of the Eagle Ford in particular created Freedom. Ciao Mike.
I'm not so sure about the "good team". While decisions on an operational level have been probably as good as could have been expected (even with a couple of expensive setbacks), the funding of the Company has been a disaster for shareholders and for FDM's credibility. The common denominator in the Board and management changes over the past 2 years seems to be that everyone associated with or directly responsible for financial management has now left or been shown the exit sign.

Howard Selzer (CFO) quit in March '17 after doing the groundwork for the WF facility. This was FDM's one and only good financing arrangement. There has been no CFO appointed in the two years since then, although the new Chairman has promised one.
Lloyd Delano took over as chief accountant on the departure of Selzer, and then quietly disappeared.
Then we had the Ramas arrangements Part I and Part II (loans at +15% to be paid with future cheap shares). The owner of Ramas was an aquaintance of MY.
Then there were the raisings from "sophisticated and professional investors" at massive discounts, limited to clients of Morgans Stockbroking, whose ex- chairman was on the FDM Board.
By the time this was all completed, FDM's share price had gone from about 30¢ to below 10¢ and heading further south.

Those who signed off on all these value-destoying funding schemes have now gone.

Coincidence?. Voluntary retirement? Pushed? We probably won't know, but if some or all were forced out, there could be a few candidates for being responsible: Wells Fargo and/or Ramas - wanting to protect their investments; corporate investors (if there are any investors big enough to matter); ASIC (if they investigated the capital raisings). And who decided on the composition of the new management? (It probably is a coincidence that there seem to no longer be any ex-BHP employees in management.)

Most importantly for shareholders: has FDM been given a new lease on life?

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well put. Yeager might be a good oil man but he destroys shareholder wealth. Remember he was BHPs oil boss which after he left had to write down billions.

The two biggest things that have destroyed the share price have been the poor capital raisings and the leaks prior to the raisings which saw the SP tank so certain people could get out and buy back in at a cheaper price.

FDM Price at posting: 7.5¢ Sentiment: Hold Disclosure: Not Held
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Ann: Freedom Board of Directors Changes, page-9

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