of course it's needed because RRL have no money. But the point is you don't jump from one lender to the next in the space of a month, that's very poor planning. And now >800 K to money heaven because Rory is learning on the job. I think after 9 months he's worked out what people mean by Cash Flow.
Totally wrong facts, as usual. Nine months yesterday RSR started. No one suggests he is a financial wizard, but he is very competent and knows his way round a balance sheet and his team have begun to work wonders. Profit is forecast this year, we have been in profit for a while apparently, and I doubt many will not expect at least a modest plus this financial year. That is nothing short of a turnaround miracle.
If we have a financial wizard, it is someone called Nick Beattie. And a couple of the NEDs are very shrewd cookies. Not as good as a few of the shareholders that you listen to so avidly BG, but Nick is trying hard and growing into things. Chortle, chortle.
Raising production is just as vital as raising finance. Every month that slips by without more oil produced=more shares issued. We have just seen the result of this with the $5m Lind bridging loan.
We are supposed to be able to make informed decisions about our investments, with the misinformation we were fed about the rigs this was not possible.
I do not believe for one minute when RSR was telling us 4 rigs 'operational', 'engaged', 'online' 'on route', that he didn't know they wasn't a cat in hells chance they would be drilling soon. It was Landau speak for rusting away in the yard. He has been economic with the truth, and as such has lost a lot of my confidence.....and as I say a lot of other investors confidence
2014 Company Targets Operational •Double production - safely and responsibly •Positive operating cash flow •Drill two exploration wells Financial •Raise long term finance for Trinidad operations •Continue to reduce corporate overheads Strategic •Complete portfolio rationalisation projects
I make it 3 out of 6........isn't missing 50% of your corporate targets for the year underachieving? (bearing in mind he issued those targets in May reiterated them in July and by October we knew they would be missed)
Anyway this Wonga fiasco has happened firmly on Rory's watch. Some here think he is a financial wizard. We are 10 months into his tenure and all we get is a Shanghai Surprise, with 800K to money heaven.
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