I was a ROC sh at the time of the proposed merger and like many...

I was a ROC sh at the time of the proposed merger and like many other ROC holders, I was very much against it. At the time HZN was over-valued and ROC was under valued so it would not have been a good deal for ROC holders.

Later on when HZN crashed to 10c I bought in, thinking that it represented good value. Then came the withdrawal of the accordion loan facility.

I think management are pretty hamstrung at the moment with the low price of oil and high debt. As Mongy says, the only positive changes they can really make is to cut costs. This will help to ride out the downturn. If they don't cut costs they're really just relying on the price of oil coming back up. I realise they're busy with ongoing finance and operations but I cant see any real wealth producing activity going on.

I can forgive a stagnant share price if I can see management building the company in a way that increases the fundamental value. That is not what I see here.

I'm with Mongy on this - the only way I'll respect management is if they voluntarily share some of the pain of shareholders. I believe in leading by example which includes sharing the pain when things are not going well.

Will be happy to see them take bonuses if they can implement some wealth producing plans. I know they're hamstrung now so they should just be patient, build some strategies while they wait for better times, but for now stay lean. Without cash, staying lean is the only way to ride out a downturn.