I have to say that after hearing Alan Burns state that subsequent to the capital raising Hardman was in an "unassailable" (or was it "impregnable") position, it is sad to see such a pathetic capitulation.
As a shareholder I have held on for several years despite the risk, through dry holes, coups, sellouts by Woodside, Chinguetti problems etc. and I've never sold a Hardman share. Despite the drop in the shareprice over the past few months I was prepared to hold out longer for Hardman's potential to be realised. Now Simon comes along and takes the first lowball offer that comes his way.
This may seem like a good offer to the board now, but they clearly have no vision as to what the oil price is likely to do in the next few years. It may be down to $60 a barrel at the moment, but I will bet it will be back over $80 within the next 6 months and it won't ever see $50 again. In two years time this sellout is going to look like a huge stuff up.
I'm holding my shares until the December meeting, just so I can vote no to the acquisition, and so I can stand up at the meeting and tell management what a bunch of gutless w@nkers I think they are.
HDR
hardman resources limited
