Hell of a time to Cap Raise .... timing couldn't of been worse....

Hell of a time to Cap Raise .... timing couldn't of been worse. missing the much needed rally that we could definately do with.

I've been supportive of management but this is a doozey ......especially after the speech about no more cap raising this year.

If its forced due to covenants I understand although some foresight would of been good to try and avoid it.

I dont blame them for drilling F5 but if they knew this was all but coming I hope the attitude was "she'll be right we can just cap raise if the plan fails" ...


If its a hand shake with an insto at a higher SP level I'm ok also (this would be best case scenario IMO).

If its for another drilling opportunity thats not ok either ..... we are in survival mode and job and only job at the moment is complete GC21 w Talos (nothing else).

I understand prices go up and down and im accepting of this but if they have stuffed up an almost sure thing Ill be pissed.... I mean how can you put yourself in a pickle with 3000 ish BOED and low debt.... the company is about to be 4000 BOED WTF .

I'm now bordering on the breadline because I was naive enough to believe the ball was almost unfumblable (yes made up word)....somehow they have managed to do so.

My mistake was not having stop losses in place ..... Ill learn once again as i did with SEA in 2015 but I'm EXTREMELY dissapointed if this is anything else other than an Insto handshake at a higher SP.

BOD if you are reading this I don't give a #$%$ about the SP price going up and down .... the market is the market
I dont care if it goes down on a missed Drill if the due dilligence was solid (Ie F5)

BUT I DO CARE IF ITS THROUGH POOR MANAGEMENT OF FUNDS AND LACK OF FORESIGHT

All is forgiven is its an insto handshake at a higher SP (for a good reason) , Ill be pissed if its due to a covenant breach because it should of been thought out and protected again but ill live (understand unprecedented times).

ANYTHING ELSE my support for the current BOD is now erroded for good. Ill be EXTREMELY DISSAPOINTED.

On my initial purchase fundamentally I did my risk and reward analysis (BOTH) .... On the fundamentals at 6c I had a downside WORST CASE at 25% then we cap raised about 10% ..... so I accepted 35% from my initial investment( because I averaged down).

Unfortunately I may hove overestimated managements ability (fundamental flaw) ... it was my mistake..... BUT its now up to them to prove otherwise or I will be voting against them if Perennial comes knocking again.

WHAT IM NOT OK WITH IS AN 85% DROP on what is pretty solid fundamentals (Its a massive fumble from management) WHAT THE HELL!

NEEDED TO VENT
RANT OVER ....

DYOR