Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Well, I remain invested here through thick and thin and whilst I did not invest more on the last raise, as a LTH I am much more relaxed here despite continued drops in the share price. We all know that the LOG overhang continues to cast a black cloud but IMO the Administrator was recently signalling the price at which he will sell the 29.9% stake over which he is presiding. Now, the delayed Harvey results may be due to the fact that CalE are in deep discussions and we may hear about this soon. We cannot be sure that this will be negative. Do you think that CalE would have negotiated a significant investment pre-Harvey results if that was material? No, of course not but they ensured that they have an option if the results are good. So, I agree that the BOD appear to be reverting to type but there may be very good reasons for that and let’s hope we find out soon. Not for a short term trade but really good long term potential.
Management and board of this company deserve enormous credit for keeping this patient alive and a significant share of value intact for shareholders. A lesser team would have seen a firesale. I for one will give them the benefit of the four for as long as it reasonably takes. To suggest that they are waiting to bury bad news on a small add-on development is an insult to their hard work. If I thought that was their level of professionalism, I would sell my holding and await their departure in due course.
Given the lack of announcements about the Harvey well, I am now assuming that the product of all the analysis from the well has not met expectations, if not come anywhere near, suggesting that reserves are at the bottom end, if not lower, than previous projections. Either way, I am increasingly disappointed that the BoD sees fit to keep shareholders in the dark, with long gaps between RNS announcements. It seems to be that we have crept back to the bad old dark days of late last year/early this year and that the later promises about keeping investors informed etc have simply gone out of the window.
We had all hoped that, by now, the share price would be considerably more than 18p, if not multiples of. The reality is that it is 2p below RockRose's offer at the beginning of the year with brokers now dropping target prices from 120p plus to around 38p.
Like most LTSH, I am retaining my shares for the moment but, let's face it, the prospects of realising huge gains from this stock have now disappeared. At this time, the decision to sell at around 25p by those who became too demoralised by the story, including RXdave (?), appears to have been the right move.