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I know many blame AS for the death spiral warrant issue back in 2017, but bear one thing in mind.
There was a reason for that urgent raise ( LLI) and AS would not have taken the decision alone, only put available options to the BoD.
At the subsequent AGM AS got a lot of criticism for it, but his fellow directors stood foursquare behind him incl Kerogen.
As PIs we are not always privy to or understanding if, why sometimes baffling decisions are taken. That's why we gave to trust the BOD, which is important DD for any investor.
I got caught by that raise, and very painful it was.
But I do not feel Stobue deserves scapegoating for it.
Join the dots -
I couldn't have said it better myself.
The problem in a nutshell........ time for a businessman, not a geologist.
Main market essential.
Yes I agree - I remember another company I invested in where they used video updates for their spin and kept the RNS's very woolly. I have re read that part of the RNS again and I'm not sure that at that point they could put anything else - it may be that more time was needed to confirm what they are "confident " of is the case. In fairness in this particular case they might just be in that assessment period however "confident" is a pretty strong word in terms of it's definition. . They can only say it so many times otherwise it just gets daft but they need to close the door firmly on it and hope a few get their fingers trapped in it
On the theme of RNS statements - the exact wording really matters. So many companies leave open the possibility of mis-interpretation often intentional , though they are as a rule closely vetted it seems many execs on AIM either don't understand or don't care about the impact .
I spoke to a director responsible for the IR for a FTSE 100 company about this subject a few years ago when they were under attack from short sellers, she stressed how important the issue was and that they reviewed RNS's thoroughly. In that vein, maybe Dr Trice and particularly FD Stobie who is responsible for commercial are a little naïve and don't realise how important absolute clarity and understanding investor concerns context is.
Dr Trice's position was discussed yesterday, IMO he should retained as a very senior Technical director whatever as the company grows, he's a good guy, however I have concerns about Mr Stobie who was allegedly responsible for the complete mess of a capital raise a few years ago that caused severe losses for many loyal shareholders - was it because of naivety, incompetence or my personal view - he didn't care about that impact. More importantly has he learned his lesson. IMO the BoD is in desperate need of strengthening with senior industry professionals who will challenge existing directors if necessary.
Hur needs to enter the FTSE and our directors do not appear to be prioritising this or keeping retail shareholders appraised. With our current structure we will always be sitting ducks on the lawless wild west frontier of AIM.