We will now suffer serious consequences from our damaged reputation causing this poor cap raise imo. What a right mess we are in, just watch LSE/OTC smash this tonight!!! Our reputation and financial situation are a right basket case, mainly caused imo by one-person since DW left and just look at those terrible RNS's and failed SP during his time over the past 2 years. IMO his position is no longer tenable and he has to be replaced ASAP. Now 88 in TH, save SP falling today I guess!!!
Can't get any worse, BUT it does big time imo, as we still pay the unacceptable $500+k a month for staff and corporate remuneration ($6-$7Mil a year). How on earth is this acceptable, what a disgrace imo...
IMO, our Board have no option but to replace our almost a million $ a year earning MD who imo has to take full responsibility for our mess which we now find ourselves in and for our SP failure for last 2 wells.... I am furious as a significant and substantial holder and highly critical of his performance. I have had enough and expect his removal imo ASAP!!!! God Oil conference next week good time to source replacement imo...
The more serious issue we face is that we only have $7Mil cash from 30 June and have to pay $1Mil from Hickory well payment due in July takes us to $6Mil. Then we have to take another $1Mil for July/Aug to pay our board and staff leaving us $5 Mil in the bank. Only managed to raise a pathetic $3Mil, total left end of August $8Mil. (We only earn $1mil a year from Longhorn, which only cover 2 months of REM)
How do we now fund this flow test? Will it go ahead? I suspect if shortfall fails, we could seriously be at risk of not doing this flow test and don't forget the remuneration burn up to Jan will burn another $2.5-$3Mil before they flow test, leaving only $5Mil in the bank!!! This is a serious concern for me.
88's only immediate option is a TH, urgently do a shortfall placement via Euroz, not reduce their grossly unacceptable over inflated remuneration, lol or participate themselves imo. Interesting how many will actually be interested after last well failed to rally the SP after our MD 's terrible BOP RNS imo many SI's were not impressed with what was said imo and I might add, 88 can't offer a lower SP say 0.005c as they just offered RI of 0.006, so how will they entice SI's to get another $8-9 Mil shortfall.
We seriously need this cash. What a right mess 88 are in since the last well and now the fallout is so evident to me imo. If 88 don't get shortfall cash, SP will fall further, no doubt about this and this is a major concern for me being a substantial holder, ouch!!!!!! We will probably have to see another placement prior to flow test (can do 15% and another 10% raise each year) if actually happens, my bet could see a raise price of 0.004-0.005, heads have to now roll asap imo.....
I hold 88 accountable for this mess and support seeing our MD replaced immediately to someone earning the industry norm of $350k and board/senior management to immediately take 50% pay cuts now, as most earn around $190-$400k which I posted during the last spill. Look at our yearly remuneration costs they are unacceptably substantial and NOT ACCEPTABLE imo.
If changes don't immediately happen, we will have to seriously consider doing another 249 to force changes imo so we can flow test and get our money back, which no one wants to do, I don't at this stage as most of us want to flow test and exit imo and never return... 88 have to seriously address the MD position and all the remuneration asap imo....
Now we are seeing an all-time sentiment shift due to the last well fallout and imo very few investors now actually believe in 88, plus we are only doing a flow test (not a lot of SP upside imo), which should have been done 6 months ago hence why we have no institutional or very large holders out of 22 Bil SOI, unheard of imo in the ASX.
IMO it's the actions and communications from our MD imo which is responsible for the lack of interest and damage we now experience imo. Spewing he wasn't replaced this year after the shocking BOP RNS imo. Now most holders imo are now well and truly stuck holding from the last 2 wells (SP failed to rally) and have themselves to blame for not voting to spill imo. I would suggest most HOLDERS JUST WANT OUT and no longer believe and support 88!!!! I don't!!!!
The damage has been well and truly done over the past 2 years since DW left imo and lets just see how 88 react by reducing remuneration lol, NOT and how much the SIs are willing to contribute to saving our collective a$$es, as the board don't seem to be contributing imo. What a mess!!!!! Very sad 88 day for all holders imo, just saying it how I see it and haven't been too wrong so far over the years. Not IMPRESSED by 88 and I say this again heads have to roll imo!!!!
This 1/4ly is unacceptable imo and big changes now have to happen with remuneration....... Holders unite and demand change and now, I say!!!!!
88E Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
(20min delay)