re: well design flaws, page-2

re: well design flaws Economist

Perhaps you don't get it ... many of us ARE attached to HDR ... and we are also attached to our money!! The time to sell was when HDR was above $2.30 .. then came a placement and shortly after bad news on Chinguetti... the rest is history. I don't think we were mislead, but there's a case for management putting the best possible spin on things and encouraging us to hold. The instos that took the placement at $2.34 won't be too pleased either and I'm sure they have been asking questions about disclosure. Some of them like Merrill Lynch have assisted the fall (pi*sed off probably) by lending their shares to shorters and have since picked up lots more shares at a lower price. That's good for them but leaves many shareholders WAY out of pocket.

What you may not also understand is that the amount of money we are talking (whinging?) about is in many cases substantial .. many $100k. Its worth hassling management just a little when your livelihood is at stake IMHO.

I think Simon is doing OK but he has underdelivered on a number of fronts other than Chinguetti (not his fault that its been stuffed up) such as Guyane and the new ventures, and to some extent Uganda in that he has promised OIP estimates months ago.

H