RE: Am I fooling myself???9 Jul 2018 22:36
Degsie... Yes & No would be my response... there's two sides to everything after all .. you take positives from what you've posted and perhaps rightly so... only time will provide the answers to that.
The other side of this BoD & their decisions is where I find much fault & the causes of the doldrums we've been in for many years - I still strongly believe Sonora will be the asset that makes money here the rest of it I'll leave to those who want to hold on after Sonora JV1 &/or 2 Is sold, exploited or lost to us.
Having initially bought in to Sonora & funding JV1 drilling, when In 2013 the first drill results were announced we effectively had the inherited YANGI JV & the newly acquired Greenland licences, that was pretty much it... we had circa 3bn shares in issue with much less potential dilution, an MCAP of near £70M due drills (highly over inflated admittedly) .... Lenigas then went & did his thing diluting us & borrowing money for further drilling &,taking larger stakes in both BCN & JV1&2 .... share price understandably dropped due to increased dilution & the realisation the MCAP was overdone - however all OK thus far for me.
Fast forward & things start falling apart ... the 'Chess' game Lenigas was forever spouting about fell apart which combined with other 'challenges' led him to scuttle off AIM with his tail between his legs in my opinion, the significant dilution & debts raised to invest into less advanced & riskier ventures & companies, which, with results thus far from most of them (don't forget we only have our Clancy holding because of the balls up over Leogang), coupled with by far the biggest error (as I consider it) the farcical $15M CLN (strangely my autocorrect tried to change that to CON!!) which was far greater than required to block BCN's move to AIM (if indeed that was as necessary as some think or like to believe) & attracted a cost of GBP£1.5M charge for the warrants alone (alarm bells ringing loudly for me) used to fund & increase our direct holdings in various companies the outcome of which has led to the current poor SP, lack of interest, General despondency & the boards desperate attempts to find other avenues to create value.... unfortunately most of all the above stinks of links to Lenigas which further drives many investors away.
KIRAN shouts if all the increased value generated from our 'share dealings' however consider that we paid £4.5M for 4.5M BCN shares at a pound a pop & subsequently sold over 40% of our entire holding @ 70p a share to pay down only a relatively small percentage of the very loan we used to purchase them at a pound each.... spun by KM to say we'd made a profit on the shares sold because they weren't the ones we'd purchased ... but really how does it look to you - to me it's just a load of bull spin.
Consider if we only had taken sufficient debt to maintain (& if necessary protect) our Sonora interests ... we could play master investor & explorer later when Sonora has provided th
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