I haven't posted for quite some time on the Bardoc thread and I've been trying to bite my tongue throughout the past six months as much as possible although with the recent announcements of Neil Biddle & Tony Leibowitz joining Greenvale Mining (GRV) and Trek Metals (TKM) over the past fortnight this has seen my blood boil. I have been quietly selling all of my Bardoc holdings since the news and am finally glad to say as of today I have finally exited this absolute dog stock.
I have been reading the posts by @Bruz, @Wombat2, @Thesleepingiant, @Pokerface, @$$$bags,@CYMON and the like for the past few months and for too long I was agreeing with them and they were often reinstalling my confidence in this stock. Due to some of their skills in written communication spruiking I was stupid not to exit when we hit 10 cents as like everyone else in this perennial under performer I wanted soo badly to believe I was on a stock that would double, triple or more over the space of a few short weeks or months. I've been holding this stock for far too long now and I have admitted to myself recently that the so called 'imminent re-rate' will never eventuate no matter how some of these Bardoc loving posters want to make you believe it will.
Now, no offence to @Gwaihir, @stormer, @Savvy, @tryingtomakeit, @JPSun and the like, they constantly ramble on about this stock every week and how poorly it performs with great gusto although without sounding harsh, I have rarely read an educated post reasoning or confirming their thoughts other than the SP performance which is the most easily accessible indicator of the success of any stock. To these investors in Bardoc, I would strongly advise you to sell due to the below five key points, of which are the basis for my own departure from this stock.
1. The Board no longer have any personal investment in this company apart from financial gains which even regardless of the SP they all gain from due to the crazy and exorbitant amount of performance shares they all receive. One such member only a fortnight ago received $700k worth of performance shares. Some on this forum will rebuttal this statement and claim that Tony helped secure the recent $24m capital raising via 'institutional investors' and his performance shares were preordained although even if that were the case, that certainly does not warrant ONE board member receiving $700k and again diluting the share register. On top of that, then were additional performance shares handed out after Tony's that equated to roughly $400k so in total $1million in dilution straight off the top and apart from the Cap Raise last time I checked Bardoc do not have any revenue being reported and won't for quite some time still (and highly likely never).
2. The share register is beyond a joke. 1.7b shares on issue and an ever growing share register. The board were ranting and raving about securing institutional investors although the real ones ranting and raving were the institutional investors who made bucket loads by selling this stock down from 10c to 7.8c. The SP quickly shot well below to 7.8c and has not been supported by institutional investors at all. As of late it has all been retail buying which only adds to the major issues with the share registry and the possibility of ever seeing a reasonable SP growth in this stock.
3. Yes, Bardoc have a 3m oz resource although that total is split over 17 sites. Most of those sites are not even worth mining and the biggest one that is has an extremely high strip ratio combined with the fact that it's refractory ore so simply put it's a damn nightmare to process. This devalues the overall margin of gold possible from the Aphrodite deposit and is a key reason why Aphrodite has never been mined. Aphrodite has passed through a myriad of owners for good reason. In terms of the other major sites, Excelsior has an overall poor grade and Zoroastrian has a high grade mine site admittedly although again incurs a high strip ratio which is very discouraging as an investor.
4. I want to touch back on the board. These guys essentially have made it in life, let's not kid ourselves about that. They are where they are for a reason although most of them are certainly not as hungry as they once were which is where they really carved out their names. They appear now to be chasing a quick buck where they can to fund their super. John Young is the Non Executive Chairman of REE and the Executive Chairman of TKM, Tony Leibowitz and Neil Biddle are on the GRV and TKM boards now so seem to be moving on from BDC and then you have Peter Buttigieg who is an IT guru who owns a successful billion dollar IT company and Rowan Johnston from ex Excelsior. To me, it looks as though these guys have basically just appointed Robert Ryan as the puppet and they want to be the puppet master and pull the strings. I feel awfully sorry for Robert Ryan because even I will say without doubt he does a tremendous job although you can see he is not receiving the support he soo desperately needs and as investors we desperately want. To really see what efforts some of these guys are putting in it would be worthwhile reading the below link to make up your own mind.
5. From reading the above, the $250k that Neil Biddle recently invested in BDC appears very much to be kitty litter for this man. I would take his recent 'investment' in BDC with a grain of salt. He has likely only done that to pump up the SP so that his next round of performance shares are nice and juicy and can fuel his yacht for his next trip to America when Covid clears up which has unfortunately ruined his travel plans.
I think I will end it there.
For me, I have been lucky even to exit Bardoc slithly higher than my average entry price although I know some on here won't get to be soo lucky. To those always down ramping this stock and threatening to sell, all I will say is this - Just do it and never look back.
To those that believe BDC will be a success. I once like to believe in dreams as a child although discovered reaity is far different. Read the facts and the facts won't lie.
I hope those such as @Pokerface are able to exit this stock without being burned badly and I hope like hell this doesn't impede Robert Ryan's career as once again, i want to officially put it on the record that he has not put a foot wrong but you cannot control everything even as a CEO.
Farewell and good luck fellow investors.
Time for me to put my hard earned elsewhere.
BDC Price at posting:
8.0¢ Sentiment: Sell Disclosure: Not Held
