LNG macro analysis, page-1084

I really appreciate this post MB - so thank you.

Of great surprise to you probably is that I have always valued your posts, because you more than anyone have challenged me to see the bits of the story that somehow I have blinded myself to  (probably because of the big loss I am holding if I sell now!!).  

Over the last year I have learned that the perspective of those I disagree is probably what I needed to hear most of all so that one I can reach a balanced and considered position - rather than flip-flopping on each piece of bad or good news which is what I tended to do.

Clearly the gas glut has allowed management to hide behind the lack of success of our competitors as an excuse for their own failure. As you point out it has allowed management to adopt certain methods of placating their increasingly nervous and angry base of share holders - the agm being part of this approach.

To me, the days of the gas glut are over. To me a re-run of the same old AGM will not fly. But do they realise that a once loyal base of holders (like me) are not going to remain on board if that's all they can deliver? Surely they must have an idea - if they don't then that's a strike against them in itself.

Don't get me wrong, they control the proceedings at the AGM so they can do a re-run. But if they do, trust with me will be broken

I think things are coming to a head now and within 6 months the LNGL end game will be clear. Once BTA's of a bankable nature start to drop for companies behind us in the project development race then I will conclude management have let us down and I will take the decision to sell at any price I can get.

Personally it bothers me terribly that we are sticking to the old BTA model when clearly this is out of step with a market that is demanding shorter timeframes and more flexible arrangements. Clearly we may not have any other way forward, but it remains out of step, plain and simple. Maybe we will still start to sell out in the next 6 months or maybe we will miss out and be left on the shelf. Who knows?

Unless they know pretty much where the BTA's are coming from by now then I think we will be bypassed.

If GV can't come clean and paint a better picture of what the road looks like from here then we are probably stuffed. 

Since the annual report was so devoid of any details other than some general comments about the strength of the gas markets, I fear the agm will be a replay of the report and what previous years meetings have delivered.

We are not without hope, as we still could be signed up in the first half of next year, but there are issues which bother me and this reduces my confidence, So we live in interesting times.

Lets see how we go with the agm.