As much as i am bullish about the long term prospects of the company, i just dont have much regard for the management at the moment. I just think they are too many flip flops. They hardly meet any timelines set out in their own announcements. We hardly hear from them any more about whats going on. The crypto deal is the only piece of good news coming from the management this year.
1) Interim MRE was poorly managed- yes, there were COVID constraints, which is understandable; however, for the management to state that a MRE would come in February, 2021 and then state in every announcement that they expect to complete it in the coming weeks and taking this rhetoric till end of May was pretty poor. I just think if there are situations where they are not sure, they shouldnt state that things are going to happen in the next few weeks. I think that just lowers readers confidence about whats written in the announcement. At least for the MRE scheduled at the end of this year, they have said that its subject to results being received from labs on a timely basis etc. At least, thats an improvement.
2) Tarmoola station- Surely, they should have done enough due diligence to get comfort that the banks would finance the acquisition of station. Despite constantly stating that they were confident of getting most of it financed from the big banks, they had to resort to getting a company from England to finance the station on steep terms eventually.
3) Options offer- I think this was just bought to get more option holders to convert. That didnt happen and we get unnecessary dilution. Further, it just provides the manipulators out there to play with the share price further.
I think they need to communicate better. There is a lot to improve. They have to do better than a few holes every month if they really want to do MRE for the Mt. Stirling system this year.
I am here for the long term, but my confidence in the management is very shaken at the moment. Cheers
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