Shelcomm - not sure what a holding has to do with anything....

Shelcomm - not sure what a holding has to do with anything. Given that you almost entirely post on EXT - I assume that this is effectively your only holding? Or are you a company representative? In either case - my point remains, this company is massively undervalued. And management are not interested in developing it – they are active sellers…

I would reiterate that circumstantial evidence suggests strongly that management are more for the sale of this project than to develop it. Both Extract and Kalahari have boards and management skill-sets closely aligned with discoveries, resource definition and marketing. In particular to EXT, the board have not hade any strategic changes to acquire different skill-sets. One can only conclude that that management appear to want to crystallise capital gains for their themselves and possibly shareholders from the very beginning. I would piont out it is easy to commission a BFS or DFS or any acronym one wishes to use. However the fact remains – there has not been a large move toward making this company a producer rather than a discoverer. Just time tables.

As further evidence to management intensions, I would also contend that it is very much a willing seller at virtually any price at current levels (blow the premium). That was made evident when the company appealed against the UK Takeovers Panel ruling blocking the Chinese suitor, Guangdong Energy, from offering a lower Offer price. That action is from a company that is clearly wanting to be bought. They are not actions of a company wanting to expand beyond the current DFS parameters. Or pushing the Offer higher.

When the Guangdong Energy revealed its intention to seek relief from Section 606 of the Corporations Act, in Australia, that any takeover offer for Kalahari would require the suitor to also make a formal Offer for the parent company on similar terms. Extract publically stated that they would OPPOSE any takeover of Kalahari unless the bid was also extended to them (Extract). The fact that they wanted to be taken over even at a lower price is self evident of their intent. This may be a bit harsh, but i think management know they are out of their depth.

This company is worth far, far more than its current share-price suggests. And personally, I think the current share-price reflects a discount because of current management. people just know they are not for real. That the upside is a takeover - maybe at a small premium from here.