OOO.I don't normally turn on the managers of my investments. In...

OOO.

I don't normally turn on the managers of my investments. In most circumstances there is usually a pattern or signs that indicate that it's time to take profits/cut losses and sell without getting dragged into the kind of situation we have now found ourselves in.

If you go back through my posts you will find some references to my thoughts on the possibility of a looming recession or major disruption to the markets due to the rising indebtedness of populations and the over extended financial cycle (Mandurah also held these concerns) . It was always a worry to me that FAR, with its continuous delays in achieving locked in financing, would stumble into a downturn unprepared. IMO the virus was simply the black swan event/ needle that pricked the everything bubble.

A diligent management would have at sometime over the first half of last year, ramped up their efforts to lock away finance after the scare/market correction at the end of 2018. I believe that this lot went "all in" with their PE beliefs, to the detriment of shareholders.

You know, as well as I do, that Cath and Nic talked PE up as if it was going to be a great win with minimal downside. Somehow, IMO, the delays in fixing the finance was tied to those strong beliefs. Otherwise why wasn't the finance locked away sooner. After all they put the finance team together years ago. They new the costs and they had concrete figures on SNEs yields, virtually to the point of booked reserves.

I think they were playing a game at our expense, it didn't sink in for me until PE failed. It was then that the penny dropped for me and I should have acted yet I held because my conversations with the office told
me in no uncertain terms that finance had been secured. No ifs or buts about it.

They told an out and out lie. They misinformed the marketplace with a notification stating they had "Binding finance" with some small print regarding soundings, a process that, apparently, had run its course for Macquarie but not needed by the others. One week it was binding finance the next it was severely compromised finance. FAR management have blown any semblance of management credibility out of the water.

You cannot seriously, or honestly, state that they didn't do anything wrong?

I respect your opinions and you have appeared to be honest with us other shareholders. But to hang onto that belief after what has transpired, and what is obviously reflected in the shareprice seems unreasonable. There is little hope that this team, as it stands, have the capacity or capability to find a serious way to protect the value that we still retain in Sangomar, The Gambia and in our bank accounts.

The current team and their remuneration were assembled and the remunerations set in the belief that FAR were progressing from an explorer into a producer. Their annual report still clings to that belief. The reality is now very different. The outlook is dramatically different and that needs to be reflected in the composition of the board and the remuneration structure.

FAR need people in place that can seriously rescue the remaining value. Currently we have people who have exploration skills, capital raising skills(and ver poor at that) and the capability to attract drilling partners. Those skillsets are redundant now and that should mean some serious changes if our board has any sense left.

Holding onto our SNE stake at huge cost to the investors who got FAR into SNE has been, in hindsight, a big mistake. There have been posters to this forum that have thrown up good research with regards to the tipping points that arise as a small oiler takes its finds towards production. Points along the way where selling down equity in the find returns higher value to shareholders than credit raisings. If this team were on there game they should have evaluated those outcomes. It appears as if it really has been "no guts, no glory" along the whole process that got us to where we are now. Samo, PE and timely securing of finance.

I really need to read the signs better and, it appears OOO, do do you...

Could everyone please stay with the heading of this thread, and even if giving a long blow off opinion like I just have....please finish with what you would believe would be an appropriate cut to the management team and the remaining members remuneration. They should all be shown the door and a new team with survival skills should be brought in. But the reality is that our cornerstones must see some opportunities that we dont....maybe more dilution until the deepest pockets wins....bye bye AG and Farjoy.

50%/50%