I accept the market doesn't want to value Mehdiabad at anything and that the lack of progress on Mehdiabad is not Jordinson's fault (it is the Iranian leadership's fault entirely).
I agree there is no sign of anything to give hope for regime change, but then with such a brutal and repressive regime I wouldn't expect there to be any. What gives me hope is the nuclear clock and Obama's refusal to entertain the idea of Iran having the the ability to divert nuclear material from a civilian nuclear power project to make a nuclear bomb. While it may be unfair Pakistan having one and Israel not even bothering with the NPT and Iran having loads of additional requirements slapped on it (the Additional Protocol?) that Japan's civilian nuclear power program doesn't have to bother with, I think the Iranians are not going to back down on their rights (it has cost them too much in lost oil sales and in losses from having to sell oil at a discount, and besides the leadership risks becoming the target of ridicule if it fails at the very least to preserve "nuclear ambiguity" (continuing to enrich huge unnecessary quantities to 20% in the current, only semi-accountable, way it does). However many fatwas Khamenei may put on making nuclear bombs, (in the end he is dependent on the Revolutionary Guard to keep the lid on dissent, and he lends a veneer of religious respectability to the Guard, which of course they don't merit) it still remains attractive to the Iranian leadership to acquire a bomb to project power and to keep the hegemons (us) at bay, while allowing them to continue to slag us off without fear of us meddling to bring about regime-end. Anyway, I think we are in for a right old ding dong with Iran (probably after the nuclear talks have broken down and after we've got rid of Bashar al-Assad. The first thing that may have to happen is the formation of a unity Government of Iran in exile representing as wide a cross section of Iranian society as possible, and the withdrawal of diplomatic recognition from the current regime (which might not be so difficult if they are intransigent on the nuclear issues and if they abuse human rights more than ever). Then tighter sanctions plus a fall in the oil price plus a naval blockade + an ultimatum might persuade all the disgruntled groups in Iran to rise up and chuck out their leadership. It will all have to happen soon if the Middle East is not to be the location of the next nuclear arms race. Power cuts during the summer months (there is insufficient power generating capacity in Iran) for a population that expects air conditioners and computers to work properly may all add to the level of discontentment with the regime. Anyway I am not happy having our betting slips changed just when there seems all to play for especially by a Board that can't even write quarterly activity reports that don't describe our prospects as a regime change/legal play properly (they are selling out of Mehdiabad right at the bottom in a way that hardly demands any accountability from shareholders), but I expect I am in a minority of one on this. I would like Jordinson demoted to just managing Sandpiper. He appears useless on Iran. Just my view. Tens of millions of dollars potentially going to Mak shareholders and sod all coming back from them (peanut savings on flights to Namibia). Jordinson is just plain stupid: he wouldn't know what shareholder value is if it hit him on the head. He drives me round the bend.
UCL Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
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