read between the lines

The IGR announcement waffle that tries to justify the capital raising is just that - pathetic waffle.

As usual one has to read between the lines to get to the heart of the matter. This whole exercise smells of desperation to me and tends to suggest a panic button has been pushed. I suspect the lousy production figures have got the bankers edgy and they have put pressure on the company to repay.

The company have clearly not managed their cashflow properly during the expensive start up phase and we the shareholders are now paying the price. They should have curtailed the exploration budget until they got production stabalised and the debt repaid.

What really bugs me is the patronising, deceitful rubbish that is fed to shareholders to cover up incompetence. Why can't management make themselves accountable for stuff-ups !