TDS, I dont agree with your sentiment. Harry raised quite legitimate questions about some significant expenditures. When I read the reply from PK I can only be suspicious that shareholders are being duped. This is a public company, we do have a right to know. you can bet your left one that if a broker or analyst wanted to know they would be told. We have spent $1.142m on prospects in the last quarter. So what are they? I suspect it is for the DLS Naccowlah 2% which we bought for "cash of $950k and $200k of BUY stock". The 'effective' date of this transaction was 1/4/10. and since then we also had to pay for the drilling of Watson West 1. So probably this $1.142 for "prospects" was for Naccowlah. The amount doesn't quite make sense but ...OK. and its also mentioned in a 'note'
What about the next two items $741k for equity investments and $250k loans to other entities? BUY has a history of bad investments into entities that go flop. $1m into WSP for eg. BUY has also in the past lent money to PK. ( trawl through the qtlys and you'll find the items tucked away).
So what is the big secret that cannot be disclosed? and why be so obtuse? I think PK could have easily answered the first Q on 'prospects'. I think he ducked an answer so as to avoid the next item on 'equity investments' and then there is 'loans to other entities'.
By not answering it becomes an issue..it least to me.
BUY Price at posting:
8.8¢ Sentiment: Hold Disclosure: Held
