The cap raise at the 11th hour at 4.25c is the single biggest item that has screwed us over and we have no transparency around what transpired. Some have speculated that WPL buying instead of leasing was root cause and no doubt it contributed. In their haste to give management a free pass on this they ignore the fact the WPL either outplayed them (well done WPL, poor decisions and foresight by Far then) or that JV collectively agreed to this as best commercial decision or that the financing process should have been nearly finalised anyway and this was an increment (yes, substantial) which needed to be added to financing at last minute.
Anyway, as you say, we don't actually know but given the dilution, outcomes and negative returns performance, decision making and accountability should be scrutinised further and questions asked.
I see a preso just released, should have been Monday morning IMHO. Doesn't look like anything new but need to get this out and do marketing of Sangomar, financing arrangements and other prospects. Junior debt is 12.5% above Libor and doesn't say how we are going to pay for all the drilling campaigns (apart from farm down of Gambia).
Equally disillusioned. Cheers.
FAR Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
(20min delay)
