Fingers my apologies but I find it somewhat distracting to find merit defending a company that has lost 50% of its MC/SP in less than 8 weeks. Geomet/KC have literally dug themselves a grave with the recent announcement.
Not only did they not nominate a solid date for the DFS release, they have also raised concerns around fundamentals/viability of the project, whilst also only releasing the announcement after AGM voting period. Three strikes. Why would you 'shoot yourself in the foot' like that? Did they not realise that sowing fear into a Li bear market will result in massive losses? Amateurs. And if they did know, then why did they just sacrifice 50% of the paper value of shareholders wealth, that does not reflect shareholder's best interests. I got an answer for that - because their performance incentive was maintained and they were not voted out, so whilst the shareholders are incurring losses in millions, BOD are still getting their pays and free shares. If you are on talking terms with KC I'd be asking questions, he has never responded to any of my calls or emails.
EMH is now trading at some cool -84% to its SP compared to about 2 years ago, these are material losses territory, majority of stocks don't bounce back from that. I understand a cheeky -15%, -20%, -30%, but -84%? This is now reflected in the major selloff today, currently -12.5%, after three days of double digit losses.
This stock is testament to the EMH's shareholders patience (or stupidity) we are all saints (or fools).
EMH Price at posting:
35.0¢ Sentiment: Hold Disclosure: Held
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