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It was meant just as an observation related to presentation of information etc. - not the basis for investing (which is to look at their strategy, through their accounts and the background and past success of the directors etc etc.). The nature of this kind of business means there is quite an element of risk. You may be sitting on quite a large loss (about which I can only sympathise) which may account for language like 'treacherous' company; 'incompetent' (well give me a bit of TC's incompetence if it has provided £60m in the past for him....). Finances aren't run inefficiently on the basis of licenses not working out as planned - you might argue that their technical staff have made mistakes/wrong calls which then impact on the financial position, or their strategy has been wrong, but that is another matter not one of financial management as such. Do you/we know enough about the situation at Diever West and the opportunities available to Parkmead? Judgement in business is not clear cut even if you are the bright of the bright - whether technical or commercial. Did you know that Larry Page and Sergey Brin tried to sell Google for under $1m in 1999 (to Excite who didn't buy....) Well does that mean LP and SB are incompetent for trying to sell their company for under $1m when just ten years later it was worth $167 billion; why couldn't they see in 1999 what wonderfully successful projects they could invest in... :) Anyway, let's see what pans out in the next few months.... bw
Diever West is low risk. PMG management team are incompetent. Believe me If I could turn back the clock I wouldn't have bothered with PMG. Waiting for dead cat bounce for my exit then I am out of this treacherous company. PMG's finances are run inefficiently. Their losses are largely due to impairments as they have had to relinquish licences. They accumulate pointless licences, waste money on them and don't focus projects that matter like Diever West. interim results that we had back in March. Note 2. Impairment of exploration and evaluation assets. impairment charges of £2,409,000 recorded in respect of exploration licences relinquished in the period. Note 2 and 3, resulted in them making a net loss. That's amateurish stuff; not sure what they are thinking lol. This is company is not as low risk as people think. why waste millions on these very risky licences. why not concentrate on Diever West. its poor allocation of funds that annoys me the most about PMG. They won't make a net profit at year for 2017. They have got too much impairment to release into the P&L. There is likely to be considerable bloatage in their admin expenses as well. you can pretty much write the rest of the year off. 2018 will be a 50/50 depending on whether they allocate their capital to the correct projects.
lol you carry on investing in companies with "excellent websites" meanwhile I will try and avoid companies with "excellent websites" that lack substance
If you're in then it a 'screaming hold' If you're out then it's a 'screaming wait'
They were saying that when it was over £3............................
It's a screaming buy !
You are perfectly right Pherber but that will not stop us having the occasional whinge. One thing for sure it is highly unlikely that TC will change his modus operandi any time soon. GLA.
I mostly agree. PMG is a small boat sailing through a pretty sustained storm. I would rather the crew were below decks keeping the engine running and bailing out than popping up to wave at investors and tell us what we already know. I know it can be frustrating but if people haven't got a degree of trust in the team and a large appetite for risk then frankly they should have their money invested elsewhere. Bon voyage
Yes, what you say is apposite - I think it was a bit unfair of me to suggest it was a 'hobby business' for him ! I am not sure on what Isengard7's characterisation of their Chartered Accountant is based - seems unwarranted; likewise I wouldn't call the company a 'disgrace'. The company seems to have competent and professional people on board and has an excellent website (compare with Empyrean's - which couldn't be more amateurish). Similarly to others, I would like to see more informative communication about how the company is doing between the formal reporting periods. However in my opinion, better Tom Cross's approach than, say, what happens at Sound Energy.....