Dear 1912This placing is not just $5m.It is 20 PERCENT of the...

Dear 1912

This placing is not just $5m.
It is 20 PERCENT of the company, excluding any options that are tagged on.

Monday will tell re Directors acquiring more shares at extremely low SP. If they use this placing level to grant themselves MORE OPTIONS, now that would be worse:

• SP was on the bounce upwards FAST.
• The SP should never have been down there anyway.
• If the shares were not halted SP would be c $0.14 by now.
• They could have waited until Friday midday for the placing and the halt, if it is emergency cash.
• Hence I think we will also see a lot of options granted to the directors at $0.08 (very nice).

I bought the shares at these low levels because of their inability to properly communicate the value of the shares to their shareholders.

I am sure a lot of the shares I bought were from these poor shareholders who don’t understand what Jacka have, panicked with the fall in SP and are now out of pocket and will miss the big swings upwards. That is really unfortunate. I would have been quite happy buying at higher SP.

Jacka so far have played an excellent exploration strategy.
But financially they are totally incompetent for being
1. caught short of cash, with plenty of advance warnings to get organised
2. and raising the cash at this SP (assuming Directors are not using this for more shares / options)

I just check the site, a Stephen Brockhurst apparently is the director looking after finances. His expertise is not finance, its Company Secretarial (company compliance). So Jacka do not have financial expertise, and I am not talking about accounting / audit etc.

They really need a Director (not an external advisor, he will only screw Jacka for easy deals and fees) who is “street wise” to raising finance and most important to “effectively communicate and sell asset values”.

I cannot understand half of Jacka presentations, it’s all C&P reserves. They never say what their C&P are “worth” based on recent transactions in the blocks and Jacka has wonderful valuation benchmarks in Nigeria. In Somaliland they can estimate the value of the free carry, and in Tunisia there are plenty of recent value benchmarks. This is the foundation for a company value. C&P on their own don’t not do this.


Jacka is going to need a lot more cash and they cannot keep going on like this.