Breakaway Research Report - Aug 2022, page-15

I am looking at salaries and wages as a % of FCF...

We are a non operator, so we are handed that FCF on a plate.

Management salaries suck away at what should belong to shareholders.

The same Management that sold Talitha stake, then sold PANR at lows, and entered into hedging when we had no debt.....

So not only do they directly reduce cash flow to us, they then diminish it by their salary.

Why has there been no dividend?
Because Management want to use the cash to buy something so they get their bonus from a liquidity event.

The only reason we are where we are is management....

Disgusting. And yes I am annoyed (as I am as bullish about our assets as you). I'm watching every asset in the sun rise, and this one (with enormous potential - look how ridiculously cheap relative to intrinsic value this is) is moving backwards.

They are eroding our value daily.