The problem with hiring an investment bank is that there is too much at stake if you go against their advice. And Citi can be notoriously bearish on commodities, they're not exactly going to tell you to go for it in this market
There's a famous saying at Board level "you don't get sacked for taking Goldman's advice"
To me, it all shows a great deal of inexperience at Board level and lack of animal spirit. Grow a pair of balls, you don't need an investment bank at this stage of the project!
HIO Price at posting:
10.8¢ Sentiment: None Disclosure: Held
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