Yes RoyE, Helix has alack of cash but whose responsibility is that?The same management that you rightly suggest needs to "reinvigorate" and to mobilise our assets. The problem with your rallying call is that it's too late. Management should have seen the blindingly obvious a long time ago, and done something about it to nurture investor interest.
Exploration companies always need cash to explore and if they have no production income, they either have to sell some of their acreage, sell new shares to investors in a cap. raising, or do a bit of each. It's not rocket science. Capital management is a fundamental management obligation, high up on any MD's position description.
With that ball having been dropped and exploration having been throttled, frustrated shareholders have been pleading with management todo the basics – distil a vision, sell the story, raise enough $ and properly exploreour acreage. I posted about this recently, here -18 October post. Yet, as you say,"the company has become increasingly moribund".
You say that"Management's extreme conservatism has served us well to this point since we have retained our assets and have limited shares on issue".IMO, we have not been well-served. We had to get the drill bit turning by either
raising exploration capital, or
monetising some assets.
Had we had a really good go at exploring some high potential targets, wemight have found a bagger (think Stavely, Alkane etc. recently. You have to have a go). And even if we didn't, we could have consoled ourselves that we gave it a decent crack.
But we've just hung onto all the toys in NSW that we hear about once in a while, usually when the company is forced to report something by ASX rules. We haven't even taken the wrapping off some of them, nor let anyone else give us some money to play with them either – say in a JV – even though we've been teased about the possibility of something happening for a while.I shake my head indisbelief at our inaction with our gold acreage. It didn't even crack a mention in the latest Quarterly Activities Report (other than in the tenement schedule). The acreage has great potential but you wouldn't think so by the continued inaction at a time when the AUD gold price is above $2,000 / ounce.
I've run out of patience.Forget the rallying calls that fall on deaf ears; thecompany urgently needs fundamental change, so that our shares can be properly re-rated.
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