I think both sides of the story have been well presented now and...

  1. 2,460 Posts.
    lightbulb Created with Sketch. 167
    I think both sides of the story have been well presented now and until an alternative proposal is on the table SLR are in a winning position.

    I thought the quarterly cash flow report was fairly interesting in some regards:

    ***$517k this quarter for exploration and evaluation ($2,724k for 9 months!

    I find it hard to believe these figures...What exploration and evaluation?????

    *** $573k for Administration this quarter ($2,088k for 9 months!

    So $1,070k ($4,702k 9 months) burnt and what do shareholders have to show for it....just in the end negotiation of a below par offer from SLR.

    A better understanding of the capital market for junior miners (meeting with banks and potential offtake partners costs very little)and perhaps early shelving of the quest for funding and resumption of drilling at Kundip might have been wise in restrospect.

    ***$6k is the aggregate payment to directors!!!!

    So Jason (as an executive director) and the other directors did not draw any payments during the quarter...was that big of them to save the Company or is there an alterior motive in having the Company in debt to the directors??? I find it extremely hard to fathom how $573k was spent on administration yet the directors were paid only $6k?????

    ***$707k expected cash outflow for Exploration and Evaluation/Development this coming quarter. NONE on administration.

    So no payments to any staff or directors yet $707k on furthering the Phillips River Project for SLR's benefit including Development (what Development???)!!!!

    Honestly all these figures into todays Appendix 5B are so rubbery and uncomprehensible that I sit here at my computer writing this post totally bamboozled or dumbfounded...and that's an understatement.

    At the coming shareholder's meeting if an alternative to SLR's offer is on the table and SLR's offer is voted down and the directors are ousted I am sure the new directors will want a close look at the PRH accounts and relevant paper trail. Lack of any clear reporting on exploration/evalutaion activities in particular and disclosure in other areas makes you wonder if our precious cash has been spent wisely over the last 9 months.
 
watchlist Created with Sketch. Add PRH (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.