Why is it that ORD's failures are excusable to some of you?
I'm not investing in ORD because it's a charitable institution, I'm doing it to make money. This business, just like all it's peers, is conducted in an ever changing environment subject to various economic, political and human factors. It's just that some are better at it than others.
For instance it's unacceptable not to proceed with a major project (Suplejack) for a whole year just because one person (the Geo) got sick. If you're really serious you'd find a replacement.
Raising money at these levels, no matter who comes on board even if it's Chairman Mao himself back from the dead, is unacceptable considering what the company has now in hand compared to when the last CR was done at (I think 5.4c) That management should allow this to occur is totally unacceptable.
The delay in the JORC upgrade without any explanation other than "We're working very very hard to get it done," is unacceptable.
The manner in which what little news we've had (One ann. in 6 months) is presented - hiding the failure of the GRAM deal in a byline is IMO unacceptable.
And as one on here noted "Lots of companies raise cash at their SP lows," the inference being it must be OK then. Well of course they do! Only about 1 in 10 speccies eventually succeed. The other 90%, the overwhelming majority will keep tapping the market & diluting their stock for as long as there are silly punters out there willing to give them more money. I did not expect ORD to be amongst that sorry lot.
The thing is we know our management is very capable when it wants to be. It has been clearly demonstrated that it can weigh up all mitigating factors, see far into the future, assess the situation and then execute on that decision for maximum profit. Yes, Frank selling your 100k or so shares at 11c was a masterstroke, you should perhaps apply yourself more and do what you did for yourself for the rest of us shareholders.
VAN Price at posting:
3.5¢ Sentiment: None Disclosure: Held
