$80m is not hard to raise in current market conditions if you have a decent market cap to start with. e.g. $40m.
Jordinson could have given us a higher market cap by 1. cutting $80m off the total upfront capital requirements of Sandpiper. 2. getting the environmental clearance certificate quicker. 3. extracting value for Mehdiabad by using Calunius Capital to pay our artbitral costs to pursue the Iranian Govt. for a claim for, say, $100m to $1bn. 4. not walking billions of dollars of shareholder value out of the door by signing a sham production agreement with the Iranians and by refusing to discuss it.
Jordinson has failed miserably. I said more than a year ago he was worse than a brain dead chimpanzee from Rasht. I stand by that assessment.
UCL Price at posting:
31.0¢ Sentiment: None Disclosure: Held
