True
@MC Camma, Management should have thought about that before they tabled that consol. I did dump my entire holdings (which is a reasonable, not huge but a reasonable amount) straight into the sell que on the evening of that Ann, a couple of million went when trading resumed the next day but then I upped it a pip and waited to see what happened for the rest.
Still haven't quite got the faith in management back that I had before that Ann, but as they seem to have got the message loud and clear I am still trying to make a decision on pulling the rest.
I also agree with you on having a certain amount of faith in the ground, hence still thinking on which way to go here with the rest of my holdings.
These juniors can't (but they do) just keep consolidating when they feel like it in my view unless they do it on the back of a good to very good announcement which will push it forward anyway...it rarely works out to the advantage of the average holder when done any other way. I can substantiate that well and truly with some of my other holdings.
As I've mentioned in previous posts here, in one of them, I was in the green, then out of nowhere they throw us into a TH which morphed into a VS two weeks later, which lasted for two years, at which point just before they would have been delisted they consolidated at 80 to 1 before they released us to trade again. I came out the other end of that bun fight 90% down on my invested capital, ("they" called it the "crunch" ) and believe me.....that hurt. That money has still not been recouped after all these years and I am still holding as It quite simply is just not worth selling.
I think everyone needs to know what some of these companies can do to your capital in a very short space of time that is totally out of your control, and YES, I know that it is the "Penny Dreadful" end of town that we are investing in here and I own that, I am responsible for my own actions, but come on.....I don't need to have my ass torn out while I'm not looking, I can guarantee that.
Yes, there are times that consolidation definitely needs to be done, but it has to be done on a fair and true basis, eg....you come out the other side with the same dollar value invested that you went into that Ann with and also have the time/notice needed to trade in or out beforehand if needed. (in other words, NO CRUNCH)
In saying all that, I commend management for withdrawing the consolidation motion at this point in time.
This one would pretty well have been the final straw for me if they had gone through with it. I would have 100% totally lost faith in the company.
Anyway, we are drilling now, so lets get some good results and watch things progress from here hopefully.
Sentiment is still undecided...50/50 sell/hold. I will look at things more next week.
Sorry for the rant guys, but this one was chewing me out big time after some of the conversations I have had with management over the last year or so. Apologies !
This is not advice, just my own opinion.GLTAH
DYOR
(20min delay)