This Company was a favourite of mine too. However for a company with no cash flow it's spread itself far and wide with no tangible prospect of income. I had hoped the Company would prioritise progress on its geothermal project in South Australia to produce some electricity and therefore income but I suppose the withdrawal of TruEnergy knocked that on the head. (It would be interesting to know why TruEnergy pulled out). In addition the Company now appears to be proposing a wind farm (clean energy project) before completion of the geothermal project. It seems the Company is set on self congratulation at its numerous initiatives instead of doing what a company should do, which is to become self sustaining.
What really annoyed me about this Company (as I posted here at the time), was the holding of a general meeting in March 2012 for the sole purpose of issuing 500,000 options (for approx.12 Cents) to the MD. What a waste of time and money when the Company needs all the cash it can get. At the capital raising last October only $458,500 (before costs) was raised after twice being extended. This is less than a quarter's expenses!
In the last annual report the auditor indicated that there was ..."significant doubt about the consolidated entity's ability to continue as a going concern"....
I guess like a number of others in this thread I've lost too much on this pipe dream and the prospect of getting any return looks pretty grim.
What happened to geothermal, is it just too expensive to set up?
PTR Price at posting:
4.1¢ Sentiment: None Disclosure: Held
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