Peak needs a revitalised Board more than anything at this stage - and urgently. Management seems to not have a business plan in place. It is staggering from one CR to another and each time the SP has been savaged.
But this latest CR event is a shambles, and is a clear manifestation of a Board that has no real idea on how to plan. But to be fair, leaks from broker clients (as at 11 July in fact)have helped decimate the SP and the placement price, originally set at 20c I heard (on 11 july). One couldn't blame the Board for that I suppose, except for picking the same old Aussie broker as before.What's the love affair there I wonder!
Management would have known ages ago that money was going to run out by a certain time. It would have known that at the last CR in fact. Why not then secure funding for the remainder of the year and into the next phase? Did the Board think that the market was at a low at that time and didn't want to dilute too much at a seemingly low price? Maybe! But if it did then the chickens have certainly come to roost.
Maybe Mark Maine should come back, if he be willing and able of course. That would be a start.
PEK Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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