OK we all know that when MC exited stage left, he left this company in a very, very sorry state - fact ! With nealy 80 mill in expenditure due and 5/8ths of fuc* all in the bank and a failed cap raising we were in real trouble if not approaching insolvency in the very short term bar another cap raising at two and six.
Along came the cavalry and re shaped and announced two farm-ins which were good in practice but extremely poor in delivering the story to the public.
They solved all of the impending expenditure issues, effectively rescuing the company and as an added bonus also got circa 7.5mill in back costs.
Dont get me wrong.......a great result - but here is my point, it is far from anywhere near as good as it could have been. By that I mean they fired their two best shots with a negative result and one has to ask why ?
Lets look at our neighbour PVD who farmed in recently.
Trading halt followed by the announcemnent and "BANG BANG" two favourable revised broker reports within 24hrs and a third shortly thereafter. Now thats called preparation !
What did we do ? No trading halt, no broker correspondence, no nothing, just silence until the SP dropped 30 %. Then a poorly written letter to shareholders that my young niece in nappies couldn`t have fuc*ed up better.
Really !!! It said and meant nothing.
My point is this new board are highly credentialed, extremely competent in their fields and very very good at "doing what they do" but ask them to promote a good thing and they are like a ship without a rudder. I could go on but whats the point ?
I expect to cop a real shitcanning over this post from the diehards but I really think we have missed a tremendous opportunity.
TPT Price at posting:
35.0¢ Sentiment: Hold Disclosure: Held
