G'day vala. I, too, nearly fell off my chair when I saw that an announcement had been made on a Friday before the long weekend. Typical, I said, absolutely no idea about timing and PR. Getting worse, considering the tension that has been building up for some news. ANY news. I opened it up and whammy, an announcement that the employess were being given nearly a million free shares as a BONUS for stuff done a couple of years ago!!!! Well, vala, that WAS approved in Resolution 6 at the AGM. All above board, but, HOW INSENSITIVE??? THE number one issue that I read about this company is the strong view that the management is GROSSLY overpaid for such a small company that has done very little in terms of returns to its shareholders. The second biggest issue is the lack of progress information to its shareholders.
So, here we all are, THREE months since the last report and over EIGHT months since any analyst's reports and after hours on a Friday before a long weekend, AN ANNOUNCEMENT.
No, nothing on progress. Nothing from the analysts. BUT a whopping big bonus of FREE shares to those "grossly overpaid" management!!! No wonder people get cynical about Icon Energy and its management. Is it arrogance or just lack of PR skills? We have three lawyers, three geologists, a scientist and an accountant? ALL highly qualified old blokes!!! Probably can't expect anything more on the PR front with those qualifications. Just hope that they are good at what they are supposed to be good at. On a more positive note, the last report did say that Icon had now completed its drilling programme for ATP626P and had sent last samples to Netherland, Sewell and Associates for analysis. They had also satisfied their requirements under the agreement with Stanwell, subject to the analysis results, which, the company considered would be satisfactory. Keeping in mind that Netherland Sewell's last report was in September 2009, do we have to wait that long again? Frankly, I don't think so and I firmly believe that the next two or three announcements from Icon will either make or break them. I, naturally am very optimistic that it will be the former. So, based on what they HAVE told us, there is really nothing left to tell us UNTIL they get the reports back from Netherland, Sewell & Assoc and from what I understand, they have absolutely no control on when this will be forthcoming. When they are received and are positive, they can then sign up the Stanwell contract, a huge plus for the company and grossly under estimated. The other announcements could involve Beach Energy's joint leases, or, very hopefully, JOINT VENTURE PARTNERS for THAT MOU!!! The RSPT has certainly not helped either and I don't expect any changes in that until after the elections. Can't have any more "back downs" just before an election can we??? Still reckon that it is great buying at these levels. Keep smiling, only a few short weeks to go, but, agree, they could have timed today's announcement MUCH better.
ICN Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
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