Lot of conjecture here. How can you possibly know they tried everything, none of us know this, we're all just guessing. Given the track record on drilling, I don't have a lot of confidence they're especially more competent with negotiations.
My confidence in their competence on getting a good read from investors was shattered when they offered this sloppy incentive structure (that rewards before delivering anything of substance). They had to know it wouldn't sit well with many, but they did it anyway. That is not world class leadership, no matter how you spin it.
Here's a competent strategy. Lower your ambitions, start a cash flow positive income stream, then you can stuff about doing roadshows around the world. That way you don't get into the 'do or die' situation we practically find ourselves in now. If the KML deal falls through, we're stuffed. You don't think third party investors know this, and game that to their advantage?
Admiral Bay was always going to be a tough sell, and yes you can blame management for the Australian market - there is a reason they picked up Admiral Bay for $1m. This information was all known, it should have come as a surprise to nobody, least of all management.
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