The new directors clearly lack the ability to negotiate a deal with a former director and put an end to all this infighting. If they can’t make such a deal with one individual, then I question if they have the wherewithal to put together a practical plan for a decent exploration program.
The individual we are talking of is a particularly spiteful and vindictive character and he has shown us he is not afraid of a fight, in my opinion he would just as soon destroy the company and any PEP-11 dreams rather than allow it to totally slip from his fingers.
I also did not like the sound of the company just about giving away all the PEP-11 exposure to a company with no more funds than MMR and causing a serious dilution to existing shareholders.
Having run my own private company manufacturing mining equipment for many years I’m afraid I have become set in my ways as the only way I ever knew how to run a business was at a profit. It’s amazing how careful one is with his business decisions when he is using his own money I guess if I had a rich uncle to turn to every time I made a bad decision, things may have been different. These public company directors turn to their shareholder base (Rich Uncle) each time they fail in their plans. I understand David Breeze has raised some $250,000,000.00 over the years for various companies and his next business success will be his first one!
So being the kind of bloke that has always stood on his own two feet and expects others to do likewise please excuse me if you think I am being a little harsh here.
I have spent some time in the Hunter Valley coal fields and don’t think it would be unusual if this hydro-carbo belt extended out off the coast of NSW and that oil or gas could be present. However, Santos clearly did not feel it was all that feasible nor did Phil Kelso from BUY as they were happy to walk away.
Until I can see a real intention of completing a decent exploration plan including a state of the art oil / gas survey using the latest tools and techniques and a management board that I had any confidence in I will keep my fiscal powder dry.
Good luck to you in trying to change the current directionless, vindictive, infighting and child-like management philosophy that has hung over this company for many years and certainly as far back as 2010!!!
As always just my personal thoughts and opinions and certainly not advice please do your own research and due diligence, there is plenty to read in the public domain about this whole mismanaged catastrophe!
Cheers and very best regards: Andy
MMR Price at posting:
2.0¢ Sentiment: None Disclosure: Not Held
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