The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Not as positive as buying some shares would of been. Significant value might not be $220M + 7.5% per year for starters, then theres all the costs associated with maintaining a single well with water cut etc...... And then there's cost of decommissioning...
But I hope its many multiples of that.... and then these costs will be insignificant...... we need this side track to get started...
Significant Value We See ! Sounds Extremely Positive To Me ! Plus 20% Since Words Were Written!
Thanks for the responses, not really much there to entice me to buy more, especially with other opportunities out there. Fevertree -sorry this has not been a good investment for you - there is still a chance it could come good and bounce back up, I am just beginging to feel that the refinancing if its agreed could be dilution rather than agreeing to a longer period to pay back the bonds... If directors had confidence, they would surely wait for dilution before buying...
Lets wait and see what the next RNS brings, and hope its a rosier picture.
GLA
I hope I am wrong as I stand to lose a packet. I blame myself but the Board has been truly excreable in the management oversight and general approach to its business and governance.
I dont have great confidence that they will produce the glowing CPR that is needed here. And frankly if that isn't the case, Plan B has already been spelled out by the Board in the two "white flag, we surrender" RNSs subsequently released. So it is a binary bet and at the moment the Market is saying we think this is a busted flush
Absolutely dreadful, dreadful governance and oversight by the Chairman and Senior Independent Director, combined with absolutely no alignment with their own shareholders interests makes for a toxic combination after the woeful perfromance under Dr T.
On your point about the Board - they haven't bought a single share (any of them) since autumn when Maris was appointed. And even then it was paltry amounts of 5k each, bar Maris, (so 1ess 10% of their annual director fee). It frankly beggars belief, as they have not been in close period permanently since Sept. Their craven lack of support for the company goes to the heart of the issue here.
1. They were passengers in the mad laps driven by Trice and never once touched the brakes or told him to slow down etc.
2. They then ditched the pilot, and announced a revision of the potential reserves, to10% of original fig. they had signed off on, and threw in the bon mot that the com[pany might go bust.....
3. Since then PoO has scampered higher, & yet we have been anchored to the floor despite producing pretty prodigious cash flow from our one producing well
Conclusion: Mr Market reasons that having effectively said the business may not be commercially viable, nothing has changed beyond PoO sailing higher. if the reserves picture is as dire as they forecast, why rush in and buy, esp as the Board has not signalled their own confidence in the business since.
@$66 and Hur under 4p, if feels like the market is waiting on a placing or something else that is going to negaitvely impact the sales price... With so much revenue from the Well at these prices, its beyond logic we are not on 5p +, and with no director buys (closed period?) no RNS's, why is my confidence twindling?? Lets hope for a late afternoon rally back above 4p