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14:59
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Originally posted by Chass:
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I was concerned when Cath said they were going to drill in the Gambia. She was so confident at the time, all I could think about, what happens to our commitments at SNE if the Gambia is a failure. Cath did say if it's a failure we will always have SNE, with my share trading experience my feeling was the market will react and the selling pressure will compromise our ability to raise more capital without a massive dilution. As it happened sentiment towards FAR changed and the oil price started to weaken just after and the rest is history. As the shares tanked Cath was topping up with a nice remuneration at the time, of course as the shares dive you get more shares for the same monetary value. Her timing for cap raisings was also one of the main contributors to the huge dilution. I sold 60% of my holding just after The Gambia's failure. My experience from being a Hardman shareholder has made me realise, it's not just about the discovery, it all comes down to the person in charge and their ability to negotiate a good deal for shareholders. I am very surprised that the sophisticated investors never put any pressure on FAR management for change as they had the most to lose.
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Once money is received from Woodside, we will have a special DVD and she can see what its like with no money or making no money......as a shareholder i have only lost money, she and bell potter corporate are the only winners. she is hands down the worst manager i have ever invested in.
