Good news, another lazy USD $10m special sale and no reaction...

Good news, another lazy USD $10m special sale and no reaction from the market.

With our market cap at $30m, it is clear that there is zero value ascribed to the Mothae asset, and the ongoing uncertainty re: the MIC at Lulo can’t be helping our share price.

I hear others comments that the glacial speed of cash repatriation from Angola is to blame. I think it’s more than that.LOM has seemingly been relegated to perennial pariah status on the ASX.

I think it’s as simple as no serious buyers, or funds, see any reason to buy into LOM. If anything, the opposite seems to be true with shareholders seemingly content to exit at almost any price.

What’s it going to take for that to change? No idea. I had hoped that change at board level would help. A turnaround at Mothae seems unlikely, but can LOM monetize the asset somehow and get a development path forward for Merlin in the process? That would shake things up a bit.

Ross Stanley could lob a takeover bid for LOM at double our market cap without breaking a sweat, but that hasn’t happened.

The impact of a new MIC may be a game changer but, who knows, it may not. There have been plenty of events over the years that we all thought would herald a rerate in our share price. But the only rerate that long terms shareholders have experienced has been in a backwards direction.

A thoroughly depressing state of affairs. All IMO.