RE: Our tenements are worth more than the company1 Jun 2024 21:01
Taken from the same RNS:
"At the end of the period under review, the accounts show that Wishbone held cash balances totalling £428,352 (December 2022: £1,457,902). Administrative costs, excluding interest, during the period were £666,656 (June 2022: £384,823).
The £1.4 million financing in early August has significantly improved the company's cash position providing funding for exploration and operations.
The Company continues its strategy of exploration on its properties in Australia and expects to announce further positive results from its drill program in the second half of 2023, which should create more value for shareholders".
By my reckoning thats circa £1.8M cash as at Sep 23. With "expenses" (read Poulden's lifestyle) of £666,656 during the 6 month period. So, from Jun 23 to Dec 24, by my most basic calculations is 18 months. Which brings us to Dec 2024, the end of this year. So for those that don't understad basic arithmetic, here it is in all it's glory: £666,656 for a six month period, multiplied by 3 (Jul 23 to Dec 23, Jan 24 to Jun 24 and then Jul 24 to Dec 24). I calculate that at £1.999,968, which is a deficit of £199,968.
Of course, it's the last 7 words in the statement that really takes the biscuit! Apparently he's created "shareholder value" and we can expect even "more".
Wake up! If you're thinking of feeding this, don't! If you can get out at breakeven, well done! If you're underwater, write it off and learn from the experience - read the company reports in detail.
Oh, one more thing for those still thinking about making a killing here - in the last 6 months or so, Poulden's issued in excess of 50 MILLION shares, that's 20% of the entire share capital of WSBN. Then again, I wrote in an earlier post about his rinse and repeat method.
I await the "blinded by greed" mob to come up with their deluded defence of Poulden.
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