FAR has shown time and again that they are incapable of...

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Cardinal Myrtle

82 Posts.

24

03/04/22

11:03

Post #: 60608363
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Originally posted by dodds: ↑

The management cleanout from this major clusterf*** is now pretty much complete. I too am amazed at the time it has taken for CN to step down (or should I say now having been stood down). Whilst I suspect Nic Limb was probably the main driving force (and decision maker) within the Senegal FAR era, CN was the face of it and when all went belly up she should have stepped down immediately. Not having done so shows her inability to show or accept responsibility...something that is critical for any major level manager. In hindsight what has happened with CN probably could have been foreseen earlier when her preparedness to answer shareholders' questions in the last couple of years totally dried up...this in comparison to her desire to correspond with just about everyone and anyone when things were going well.
The options now available to FAR are interesting, essentially liquidate or continue on as an explorer. I note many like the liquidate option. My view is different in that now we have some fresh people, I would like to see the company continue (assuming the new people believe there is value in the acreage FAR currently holds). FAR is again a very speculative company, but is in quite a unique position of having some good $$'s, no debt, lots of research under its belt, and some more money due in in a couple of years.
I bought into FAR in 2005 and have added to that initial purchase on multiple occasions. My early purchases were always accepting that FAR was a speculative stock (in later purchases the vision became a little different, but here we are now, a lot more dollars invested and very little to show for them...grrrr!).
With the losses that I would incur with a liquidation, and as I still enjoy holding the odd speculative stock, with new management at FAR I am prepared to sit back and see if FAR could finally pull some sort of a victory from the proverbial jaws of defeat. In saying this I believe it is critical for the current management to give a thorough rundown on the company's assets and whether in fact acreage such as The Gambia is truly a good prospect (and not just a desperate "wish"). Comebacks can be possible, if not always probable...in FAR's case they do have some building blocks, whether there is enough I guess it is now up to the new management to advise.

dodds

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FAR has shown time and again that they are incapable of snatching victory from the jaws of defeat. Their skill set is rather snatching defeat from the jaws of victory. I have lost a bundle on this dog and their incompetent management. I don’t want to sit around for another couple of years and watch them slowly burn through the cash to the inevitable closure as it will be impossible for them to raise capital without massive further dilution. No the only rational course of action is to instruct the BOD to seek ways to maximise the liquidation value of the assets. At the moment it is trading below intrinsic value so it is incumbent on the BOD (who I will say are there to represent the interests of the Shareholders) to develop a liquidation strategy that maximises shareholder value. If they can’t do that they should be sacked at the next AGM

FAR Price at posting: 74.0¢ Sentiment: None Disclosure: Held
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