The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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What was the reply?
Undoubtedly there has been a mismatch between share holder expectations and reality that could have been avoided (to some extent) by clearer communication.
the other side of that argument is one of share holders regulating their own expectations. The safest thing is always to be clear in your own mind about what is absolute fact and what is, shall we say "not so precisely nailed down" facts which are better viewed more as sentiment regulators... Everyone learns in their own time, and usually learns most by their own mistakes but a CEO is there to promote the company and get folk to invest in it... it is always wise to apply far more notice to formal legally regulated RNS's than social media interviews, just as it is wise to be cautious of anything that has gone up a lot without any underlying RNS's to justify to spike.
Until today's drop I was in profit in ECR having first bought in at just over 1.5p and averaged up buying some more when it first got close to 2p... I felt it wise to sit out all the mania around the rise to 4p and drop back again, but got caught out averaging up again to 1.9p when things dropped below 2p yesterday as it seemed a good time to do so.
Still I made my own decisions and take responsibility for them... ultimately we only have ourselves to blame if we place too much reliance upon the wrong information...
Jtb - I would be happy to but other posters have already stated that they are not getting responses to their emails. That appears to be another aspects that needs addressing as you and others have pointed out.
Whether by accident or design, the media/communication side of things has left a lot to be desired and eroded trust. Perhaps some of the additional money should be spent on sorting this out and getting some expert advisers in. We have had a few too many mismatches between shareholder perception/understanding of what CB has been saying, and the reality of the situation. I think It would have been far better, and not done anywhere near the same damage, if CB had simply said something along the following lines at a much earlier stage:
'We have multiple parties interested in a JV at Creswick, but need to await licence applications before anything can be concluded. That process is likely to take some time due to delays at ERR. We intend to resume JV discussions once these matters are resolved. In the interim, we may undertake further drilling at Creswick.' The sad thing is that this is the reality but CB has not done a good job of conveying this to us until today. Had we known this from the outset, we would not have been talking/thinking that a JV is imminent, or worrying about licence applications, etc. Just seems like a big own goal to me and maybe an area for ECR/CB to look at in terms of their communication and how it might be perceived by others.
Decent reply Jack, though I find it kind of awful that you choose to wind people up for the “fun” of it...but each to their own. If it was opportunism yesterday, then what’s to say it’s not the same at GGP just on a much larger scale due to the potential return of a Tier 1 mine? I’d be inclined to believe there’s more chance of it happening at a potentially billion pound find/company than some minnow explorer. But I get your point, even though next time maybe go about things differently instead of just deciding to annoy people for the sake of it.
Jack the bear ....Allow me to put you in the picture here .... I spent yesterday venting my frustration here as I feel that the CEO has performed deplorably. I wasnt being played by anyone .I was venting my anger because I needed to .I'm not at all interested in what anyone else is doing or trying to do .There were and ARE many people here who are thoroughly annoyed at what has gone down here .We were played by the CEO and the companies brokers and that is that .What you want to believe is up to you . The facts and the Sp for the last 4 months are there to see .I havent been played at all . Many people are gobsmacked with the way things have been handled . That interview just confirmed things even more .CB was totally out of his depth and I believe he is now on thin ice because of it .End of .
Bought a couple of tranches around 1.65p (close enough to my target). Cheap enough with £5.8M in the bank and fully funded drilling activities for the foreseeable future and the potential of the JV at Creswick still firmly on the table....
Jack, you really need to make your mind up about negative crews trying to push prices down. You've been say the complete opposite on the GGP board for ages. I’m not one to go into conspiracy theories but be a little consistent. Yes, the chat board at GGP can be a bit crazy at times, but the research found on it I haven’t found on any other chat boards and it’s one of the reasons so many of us stayed invested for so long.
As ever in these situations, the share is now oversold so a great buying opportunity if you can. Somebody will be loading up at these levels and will even try to force the sp down further to facilitate larger orders.
What is not to like about simultaneous drilling campaigns and JV interest. This could turn again very quickly especially on a positive RNS
Jack the bear ... First of all I believe I was a fool for investing on the strength of the dd and interviews that I listened to .The current Sp seems to indicate there were a lot of " fools " around here for the last year or so .( your words , not mine ) I believe they were well meaning pi's personally . Secondly I have never told people or tried to influence them to sell .I am simply disgusted with what has happened .And lastly , you mention trying to talk the share price down so people could get in low ? What nonsense .People have things to do at certain times of the day such as " work " , etc . And looking at the Sp today , your statement about the low price buying late on yesterday is groundless as the Sp has been heading south since Craig's interview earlier today .You need to establish the facts before posting as I have clearly demonstrated, your comments make no sense .Ecr are not on the cusp of a Jv .You need to deal with it . I'm not saying a Jv wouldn't happen in the future but given the facts , it is far from imminent .Hence the team revisiting Creswick .Goodness me !!
JTB - I think you could be right on this one. And although hinted at it in the past, he's never confirmed us returning to Creswick to drill it ourselves. this is one point i do believe could have been far more transparent in the last 6-12 months.
I can't see it being a huge factor in the advanced negotations. Every chance you can pull some good grades from Creswick, but if the company plan to strengthen their arm in the JV by drilling up more and pull a duster, it helps the talks no end.
I'm a little relieved if im honest. No more second guessing, JV this, JV that, 15g/t. Near term I think it's going to be slow going and recently i had ECR more advanced and attractive than the likes of EEE,ORR,COBR. I don't any more.
We're a company hopefully at the start of a very rewarding journey, it just may be a bit of a rocky ride for a while, imo
I'm happy in adding to my SIPP if this continues to drop, that's how confident i am long term. But the next 6 months will be slow, but thats okay
With Chinese backing?
STOCKBOX said they were going to release the interview once CB had approved.
Honestly, had I watched that interview I would have said 'look lads can we do it again> I'm not happy with my performance'. No room for ego here, Scrap it, learn from the bad performance and redo.
but it's out there now.
He did Jack (one of which already is). I think that he is demonstrating financial independence and a willingness to go it alone to any would be suitor. GH did exactly the same at GGP.
Great negotiating tactic to show that we are not desperate for a 3rd party and won't give it away. I would expect any new partner to take on the drilling and associated costs once agreed.
*The Interview
Good morning Lochranzalad. I have just watched hi interview. He isn't a natural. The JV explanation was clear enough. My take on this was that it is very much ongoing. The difference appears to be value and the new licences applied for to be included. So I think that there is the licence to be resolved (one of which has been) before valuation agreement and ratification. All quite normal if CB is holding out for a better JV for shareholders. He clearly cannot say too much
CB also didn't rule out other projects and was quite measured with what came over I thought. I am not discouraged and will be adding at this level
Loch - very good point about the JV. His "well i can't say too much" comments time and time again almost came across like the company were involved in some sort of NDA, and there were just a couple of points to iron out
Now it's "we're going back to drill it ourselves". Whilst waiting on contractors, drilling the project, awaiting assays and then using these results to negotiate a strong JV agreement, your talking 4-6 months minimum (imo), at the earliest
It's good to know and not have these unrealistic timelines in my head, really not expecting much at all in the near term, anything that gets announced with any substance is now a bonus
Another thing I picked up on was the fact that he explained the current Jv situation clearly this time but in the last few interviews ( before the placing ) he said that he wasnt allowed to discuss the situation ?? Those comments made investors believe we were on the cusp of a Jv when that is clearly NOT THE CASE . Craig has not been straightforward with us at all and he now knows he has a hell of a mountain to climb now .Utterly shocking state of affairs . I believe that heads may well roll in the near term for this performance. I would not rule out a change of leadership.
Don't really know what to think. I'm out in my ISA, i think opportunities in the near term (6-12 months) are far better elsewhere, they really are and my tune has changed significantly lately
But it's strange because I've topped up in my SIPP and will continue to do so, waiting for the price to settle. But i now have more "skin in the game" but it's all long term and my ISA funds will all be used to top up Antipa minerals. That's going to be huge and very soon
I wonder how "advanced" talks actually were with the JV partners as Craig has alluded to all this time. For him to go and drill Creswick again is good for the shareholders but for me certainly changes and negates any ongoing negotiations that were apparently at this "advanced stage".
Get back to Blue moon ASAP and hopefully they get the contractors at Creswick drilling ASAP too. Cant imagine securing contract rigs be an easy thing in victoria right now, any time scale for this?
The placing sounds more of a "why the hell not" opportunity but in hindight now, judging by the current price, the company did well flogging 90 million at 2.2p.
Very deflating but a number of the strong fundamentals remain the same
£5.8m in the bank
Drilling to resume at Creswick God forbid you pull a duster here)
Intentions to go back to blue moon
1or2 Hole assays still due from the recent programme
SP back to a level that if you seriously believe in the long term success of ECR, it's a bargain
Market not reacted brilliantly and i don't think its much of an overreaction considering it's posiiton right now
@ PaulFG - one explanation as to why he looked so uncomfortable talking about the placement could be that he knew he was going to be on the receiving end of questions he didn't want to answer.
Another would be that he knew he was going to be on the receiving end of questions he wasn't allowed to answer, and couldn't let on that he couldn't answer.
Either way that first part of the interview came across as bit of a pointless and embarrassing shambles.
Much more downbeat interview but much more realistic imo. Still expect a JV at Creswick in due course and hopefully further drilling at our other licences will provide more substantial results. I'll hold for now and top up if the SP falls to 1.6p....
I'm glad to hear further drilling at Creswick using contractors as its going to be alot faster than the ECR drill rig and allows us to continue at Bailieston in meantime. Maybe this is essentially what the extra funds are for, if this is the case, ECR should have just announced this as I think shareholders would have generally been accepting of this.
Hopefully they intend doing a good amount of drilling say 4000m+ so that we can really understand what's there. Doesn't sound like they have given up on HR3 either and Blue Moon to be drilled.
@jsmith - I did top up.
I mean it's a 2 yr play, this is a short term blip. It's not end of days.
@happyhaddock - agreed I thought that the whole placing conversation was dismal - lack of business acumen if it is to be believed. If that is the real reason. I mean I'm an ex broker and ex trader the last thing I would ever take into account putting a deal together or walking away would have been 'will this upset the broker?'
he's right, the thing they have to do is to find a resource, but until then....
PaulFG didn't you top up more yesterday?