placing: fools or thieves ?

I hate to say it

From this discussion board it looks like Monday is a placing and at $0.08 which would be c 20% of the company after the placing. So valuing the current company at $20m.

I appreciate this is now emergency cash for Jacka, hence the discount, but the directors knew about this months.

It will be very interesting to see how many of the directors and their connections pick up shares on Monday compared to almost zero in the December placing.

$0.08 is a very significant discount to share price (30%, this is money for old rope) and a massive 63% to a smacking 90% discount to Net Assets.


Nigeria = c$22m
Tunisia if less than target = $15m
Somaliland $55m (seismic and well) x 30% = $17m
Total Net Assets = $54m ( $0.22 per share)
If Tunisia comes in at 100m barrels then add $135m to Net Assets = $189m


I wonder do we have financial fools (placing below $0.20) in charge, or financial thieves.
We will know on Monday.