*Market couldn't give a stuff about Loongana... before the 8th of october when Loongana was all RHM had the SP was 8c. Therefore Looongana doesn't IMO matter much as far as 99% of the new owners of this company are concerned (and remeber we have seen probably all the tradable stock of this co change hands sinec the 8th october, so thats a lot of people. This is now a different company to what it was prior to the Naracoota ann. So the success or otherwise of Loongana would probably not have done a great deal to the SP on the downside, hence a raising after EM surveys and increased awareness of Naracoota potential would have been preferable and would have taken much less out of all of our pockets. * Agree that the raising ann should have contained agressive statements about naracoota, but it didn't. They fluffed it IMO. Who needs 'new oppotunities'? When you are a $6m, 2 bit operation operating out of some tin shed in WA you need a singular focus on what the market likes, which is the VMS formations shared with SFR. Thats the name of the game for RHM, they should ditch all the other stuff and just focus on that. Management ambivalence at a time like this won't do any of us any favours. Loongana will always be there if naracoota yields nothing, and they can go back to 8c for all I care if thats the case. But they can go to 50c if it yields even a sniff of copper-gold, and to get there they don't need any more cash. Unless they come out and say "the 1.5m is to fast track naracoota this quarter because the company regards it to be highly prospective etc." then this is a negative IMO.
Oh, and none of us get to take part in the CR either.
RHM Price at posting:
20.0¢ Sentiment: None Disclosure: Held
