What really, really annoys me, as I've been around since LNC's IPO, Bond got his $500m to build a commercial UCG-GTL plant and than rather than doing this he decided he was a mega entrepreneur and wanted to play games with oil and gas in the US and other businesses around the world.
In round figures LNC has raised $300m from the market, sold Galilee for $500m and has/had debt facilities of around $200m. Where has the (almost) a BILLION DOLLARS invested in LNC gone????????????
The CEO has become a lose cannon spending shareholders money, not his own because he got ALL his investment plus a massive return from the special dividend from the Galilee sale, willy nilly into all sorts of stuff that has done very little to fulfil his original promise and plan to shareholders...and that was to commercialise UCG-GTL.
In the immortal words of Darryn Hinch....SHAME, SHAME, SHAME Mr Bond, you've had your $500m to commercialise UCG-GTL, you've had your chance and time to have made LNC cash-flow positive by now, you've had you chance at playing global entrepreneur and you have FAILED, FAILED, FAILED.
Its time for you to go!
LNC Price at posting:
53.5¢ Sentiment: None Disclosure: Held
