I spoke to Chris Powell this morning and here are some of the points we spoke about:
1. Re. the $4M : He told me that it was supposed to be paid in stages (2-3 months time) and so was the announcement last week regarding the first $1M. They hope to get the other payments soon and start the drilling programme. He also did mention that they are still confident that they can get the results by Aug. The ground work for the drilling is all done and now waiting for the $'s.
2. Re. BMG pulling out: First of all the deal between CAP and BMG is a binding agreement and no monies received so far will be refunded. Chris is also very confident that BMG wont pull out of the deal and there is no real reason for them to do so. If the inevitable happens, he did mention that there are few other parties who are happy to take BMG's place.
3. Re. the current drilling: Due to the rain in that region, there is currently a slight delay in the drilling. ( I forgot the region)
Chris Powell is a person, who is very re-assuring and he seems to have a personality who treats CAP share holders like an extended family. He took his time again and explained the whole thing to me like a teacher to student. I have had instances in the past where I have spoken to the management of many listed companies and their responses were very bad and I felt put down. A management who takes the time to clarify share holders queries and even answer questions in writing (email), I think deserves a great applaud from all the share holders.
All in all, I am even more confident about the CAP story and how things are panning out. Its share market, things goes up and down all the time.Life would have been so much easier if the price only kept going up. Its HC and there will be always poster who might talk CAP down for their own selfish reasons but make your own decisions.
Those who are not sure about CAP, please do read the Quarterly report and the previous announcements + feel free to ring Chris Powell. He is a great personality to talk to and he seems to be more than happy to speak to the share holders. Good on you Mr. Powell for having such a great personality and hope lot more managements out there learn from you. Don't sell because few posters are selling, Do Your Own Research and make up your own decisions regarding CAP.
GOOD LUCK and DYOR
CAP Price at posting:
35.5¢ Sentiment: Buy Disclosure: Held
