Folks I totally understand the disappointment and frustrations of all us long termer's but it is a very complicated ,dynamic and risk filled activity raising the capital in this current global market that SDL is in. I can tell you with experience that a Mega project in recent times (the most expensive debit funded IO project to date) that involved one of the richest persons around, took the best part of 3 years to get across the line. Since GFC it has been very very difficult to find capital and those Funding organisations putting the money up , they want significant Borrower's commitment and risks minimised to the n'th degree.
Now put a project into central Africa context with all that has to offer and another level of complexity and risk comes into play.
Do not under estimate the commitment of the Board and folks like GC. Do you seriously think for a moment that the relative pittance that these senior executives get is why they are in this role? Seriously ?
Their reward is in their shares that they hold. Period.
They can each individually command very high salaries in "safe/secure" roles and not be subjected to this "world of pain" . These guys are achievers & have reputations they value greatly ,taking a calculated risk against the certainty of a "regular,comfortable role" to achieve something MUCH greater is what motivates them, just like you are taking a calculate risk by investing in SDL.
Unless you have been involved in Mega projects (multi $$ billion as I have) , you can only begin to imagine you think you understand the complexities and dynamics that are mostly beyond anyone's control or direct influence. You need experience expertise and commitment management to achieve this and you do not attract that calibre of people from salaries alone. SDL in somewhat in a "perfect storm" of events that they have to navigate through. It started with the devastation of loosing it original Board, that wealth of knowledge and history would in itself destroyed any company , right there, then the GFC , now further global sentiment in commodities impacted (look at the energy sector ...Oil less than $60/barrel! , who saw that?)
These guys are not duds. SDL is up against the top IO produces in the world who are very savvy at their craft and are trying their upmost to squash out all competition , to monopolise further their stakeholder in the current market conditions (and rightly so!). This is all about sentiment. Look at the fundamentals of what SDL has. It will not be a high cost producer, it has high quality reserves above ground, the African governments involved want/need it and the infrastructure it brings to open up more opportunities. This EPC for Port & Rail is significant. It gives certainty to a big portion of the capital required. Fund providers with what they want, definitive numbers (is what the $40M Fluor FEED is about) and this lowers the risk to them. The Contractor behind it is no flash in the pan , they have successful credentials working in the region and capital in the bank in support.
It is understandable to become frustrated and want to blame someone as we have (some significant) vested interests. It is not in the Board's interest nor the genuine investors to run this company/project down. The Board want more than anyone for a success as their returns will be far greater than any of your or mine but rightly so if they can get this project fully funded.
IMO , if you are a long termer, have done your research and made a valued decision , then that is that. Accept it and stop getting sucked into the day trader posts who are really wanting to bait the fear and feed off it. This is purely sentiment at play. Give the forum a miss until after Xmas/New Year, there nothing here.
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