LNC-link,Yes, You can't blame Management for "drilling into a...

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Kimbo24

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16/01/19

14:09

Post #: 37132524
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Originally posted by LNC-Link: ↑

Mad Hare....we all have our quirks in investing....

My priority in due diligence is management quality and all that entails.

That lesson was beaten into me by Linc Energy. Peter Bond had ability in spades and could turn a worthless pile of unwanted coal into a small fortune and then turned that small fortune into a billion dollar asset which he sold for half a billion cash to Adani along with a royalty stream (which he later sold for another hundred million).....he then turned that $600,000,000 cash into dust. So I have an opposing story to yours.

The point here is that it can go either way.....what is necessary is to always monitor managements behavior; Are management sticking to the game they know? Are they moving or standing still? Are they actively being good custodians of capital? Do they have a competent/knowledgeable board that has legitimate influence?

I would say yes to all the above....but I continually watch for tell tale changes. I'm first into any meetings, with management, that I can attend and I am always last to leave.....because I dont want another Peter Bond manifestation ever again in my life. Cath has her faults but she is a game player and she is focused. If I sense a change I will act.

Samo was in line with what I expected from this company; secure potential turf and prospect it for no cost.

To now blame management for a duster and then stick the boot in by saying that you knew it wouldn't prevail is the ultimate in stupidity.....I think most posters here are disappointed (obviously) but as grown ups we accept it and move on.

To blame management and claim they are not up to the job and then buy more shares seems hypocritical and, at the least, a bizzare investment style. But each to their own.

Looking forward to news from the Senegal Government and the next quarterly and, of course, more analysis from the Samo and the GB seismic results.

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LNC-link,
Yes, You can't blame Management for "drilling into a water balloon an popping it" while the SP was at 13.5c
But, you sure can blame them for not putting another $50,000,000 in their war chest, while the SP was high,and the post Samo SP would probably,have been where we sit today.
And the Far, Pom Pom waving, Management defending Squad, could at least have something more "substantial" to defend managements decision today.
I can just imagine their posts,if that was the case:
"Samo duster,
$50,000,000 mill in the Bank,
Strong Position,
Good Management"

But alas,
No such thing.

Kimbo 99

Last edited by Kimbo24: 16/01/19

FAR Price at posting: 6.7¢ Sentiment: None Disclosure: Not Held
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