As painful as this is, you have got to hand it to whoever the investment manager is at Landstead. Those guys have bent us over and are riding us like a bunch of monkeys.
What on earth were we doing signing a funding agreement that provides incentives if the SP is lower. Just stupid, dumb and a bunch of other things I had better not say. I bet they popped the champagne corks at Lanstead the day they got that signed agreement back. High fives all round!!!!!!
I wouldnt be surprised if this most recent 'becoming a major share holder' announcement is connected to Lanstead somehow. Would give them almost a controlling interest.
As for Management, there comes a time when your performance is so bad that the only honorable thing remaining is to offer your resignation. Anyone worth there salt should have identified the business risks associated with our activities and be managing them accordingly, that includes revenue, price of oil, project risks, administration costs, etc. Clearly this has not been managed appropriately.
AKK Price at posting:
2.3¢ Sentiment: None Disclosure: Held
