VoiceofReason, I think you have summed it up quite well. I know...

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Insiderunner

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14/09/14

14:06

Post #: 13971776
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Originally posted by VoiceofReason ↑

Very interesting and probably true. Let's look at things logically for a moment.

Imagine myself and any one of you out there in forum land own this company outright - just the two of us. We decide (in the past) to bring in management and so called expertise to run the company for us. We have our ups an downs and then all of a sudden we are sitting on the find of the decade in Vietnam. We decide to see it through, take a chance and make a killing! Management get it wrong, god is against us and the wells are not commercial. We are then hit with a bill for drilling that is astronomically beyond our means. We have gambled and lost big time. We're in trouble! We sell assets to cover the costs.

We argue the costs of the drilling and have a small victory and only have to pay a fraction of the costs. We forfeit our blocks but we still have $22m in the bank. We are wary of our management team but we listen. People are approaching us with offers for us to fund their projects, we are looking at projects of our own. There is a speck of light at the end of the tunnel although we are as scared as hell...!!!

We are just about to plan our next move when we get a telephone call. Someone wants to take over the management of our company. "Can't be that bad" we say, "What's your plan"? They inform us that they will buy 30% of the holdings at a 15% discount to the actual value! Bloody hell, we are not keen. We are throwing what little money we have left away! "OK then, what are your plans for the company. We may take up your offer if it is better than our current plan and adds value to our company". "We don't have a plan" or "We are not going to tell you until we are in charge", comes the reply!

Why not buy us out altogether then? Sorry, haven't got the funds to do that either!

Moral of the Story - Not sure there is one. Let's just wait and see what their plan is (if they have one). If it is better then the current managements plan then we can all happily jump ship then. The problem being that the short termers will happily go anyway leaving the long term holders deep in poo! In the meantime don't sell cheaply!

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VoiceofReason, I think you have summed it up quite well. I know of several Neon holders that go back a long way and at the last peak of approx 43cents were still under water with holding costs etc. I personally think the people behind Evoworld only have eyes for the prize ( circa $20 mill ) and dont have any plans for the longer term holders to see any return ( Money back ). Don,t sell cheaply and help Evoworld has to be our best defence available. More chance of seeing the tooth fairy than a white knight here methinks !

NEN Price at posting: 3.5¢ Sentiment: Hold Disclosure: Held
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VoiceofReason, I think you have summed it up quite well. I know...

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Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

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