"IMIDRO has agreed to assist with obtaining any permit, certificate or confirmation required for the project"
Now where have I heard that before? It sounds just like something Rob Murdoch would have said before the agreements were cancelled. Anything IMIDRO says (under this regime) is not worth the paper it is written on. They (Mr Harati Nik, then head of IMIDRO) cancelled them before. So why not again?
The "Mehdiabad part" of these Quarterlies once again shows Mr Jordinson has not demonstrated any mastery of the political environment around Mehdiabad, Iran and the region in general (he does not have any?).
The peace offering to write back Mehdiabad is not one: it should, arguably, never have been written off in the first place (especially by a new director with no prior specialist knowledge or experience of Iran: it sends the wrong message to shareholders even if the market wasn't willing at the time to place any value on it).
The statement "However, given the current political environment in Iran, it may be some time before development can proceed and the project can add value to the Company" begs the question "Why on earth did he sign the new agreement then?". I am sorry, but this dredges up all the old fears of a brain dead idiot from Rasht acting outside his core geology competencies. (Search the internet for jokes about the legendary thickness of people from Rasht).
Jordinson has stopped our stock from being a regime-change play and has stopped it from being a monster sized arbitration play (that no doubt helps to keep the asset within his core geology competency - he does not have to bother with Iranian politics now?) but far worse he has gained no share price rise in return for us.
Jordinson should be sacked in my view (along with whoever appointed him). The thing I remember about Iran apart from how incredibly hospitable the people were is how often first timers to the country would be proud of their skill in getting the price of a carpet or whatever down to 80% of the original asking price without realising they were still paying double what it could be purchased for back home in a department store without all the haggling and without the shipping costs. Jordinson's agreement on Mehdiabad has all the look and feel of a dumb tourist buying a carpet at the wrong price. Just my view. DYOR.
UCL Price at posting:
13.5¢ Sentiment: None Disclosure: Held
