rod178,IMO it will take a drastic change of perception before...

rod178,

IMO it will take a drastic change of perception before this one starts to realise some of its potential.

That change of perception will entail the market coming to believe that the Directors of this company have stopped treating it as a vehicle for their own personal enrichment and started to treat it like a public listed company being managed for the benefit of the shareholders.

It seems from the market depth this morning that the Directors and their mates have decided that 2c is where it will be capped for the next little while, during which arrangements can be made to issue 60m options to Directors (exercise price linked to the share price on date of issue) and also arrangements for the placement equal to another 25% of the company's issued capital - again at a price to be determined by the recent trading range but usually limited to be not less than 80% of the average price over the preceeding 5 days. So, cap it at 2c and you can issue more than 270m new shares at about 1.6c. That's more shares than bothered to vote at the GM yesterday so if they are in friendly hands then what can't be achieved?

Oh, and then there are issues under the ESOP (up to another 5% of the company) to be arranged - don't forget to give the admin staff a shot at the trough as well.

If this sounds a little negative then I don't apologise. The performance of management has been appalling given that the drilling campaign achieved what it was aimed at doing but the benefits for shareholders where redirected to the Directors. I mean a 210% increase in reserves and we couldn't even get back to the price we were trading at when they first announced their share grab in the lead up to announcing the drill results.

Sure, for all this to make sense and not just be some conspiracy theory, they will have to make the shareprice rise in the future. But will that be before the options expire (yes I hold some options as well) and will it be within a timeframe that makes it viable for current holders to hang on.

I don't know and the market doesn't know which creates confusion and uncertainty.

One thing I do know is that the market hates confusion and uncertainty and this will translate into a languishing share price for the forseeable future - particularly since there dosn't seem to be any more good news on the way in the short term.

Cheers

Badfish

ps - I notice an announcement is out this morning. I haven't read it yet but I hope it turns all of this rant into rubbish and proves me wrong.