There are probably many moments you could point to that led to downfall of FAR.
For me, it was the Pre-emptive Right folly that started FAR's demise. One mistep led to another.
IMHO, these are the misteps:
1. they didn't understand the JOA, even though they were one of the original partners, 2. they didn't have a big brother to finance Pre-emptive Rights, 3. they were playing a bluff hand (poker analogy) for 3 plus years, 4. this resulted in a fractious relationship with the Operator within the JV, 5. who obviously closed the door to JV finance.
They didn't have to take this path, but they chose to pursue this PE debacle.
So it was an own goal - one of many, unfortunately.
Now, FAR has been left out in the cold: unable to get finance and unable to raise capital (at this share price).
What a terrible way to destroy value for shareholders.
It could have been a very different story, if FAR was better managed.
FAR Price at posting:
1.8¢ Sentiment: None Disclosure: Held
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