Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
How depressing Jace. So it isn’t even a good shell ouch
Hi all. It is hard for me to admit but ADL is nothing but a shell now. A bit of cash, a large number of shares and not projects in the pipeline. Good mgmt can extract value from a mediocre asset while poor mgmt can erode value from a great asset. From Simon’s podcast I was convinced that he was the former but given his track record over the last 18 months he falls into the latter. Not enough money to move anything forward so the future of this company looks bleak IMHO. The brokers are the only ones making money on this stock.
This is a mess for sure but i don’t think there has been anything nefarious just total incompetence and mismanagement. We don’t know how much Colter and side track costs and we don’t know what else they have spent money on. We thought they had 800k left but I suspect we over edtimsted it by quite a bit. Never believed Simon when he said the burn rate was low, it never made sense then and in hindsight it doesn’t make sense now.
Patch. You are acting like a tosser. Asking questions of us all without actually adding anything to the discussion. Why not take up knitting, better use of your energy
I like that phrase “ a lifestyle company”. With Dan,Ross and Simon all with their snouts in the trough, it does look like a lifestyle company because it definitely is not an energy company.
Flight. I agree with your succinct post 100%. The only thing that is certain about ADL is that they have 600 m shares in the coffers. More salaries and more shattered dreams. They have 3 expensive directors for a million quid company. Talk about top heavy.
More like kitty litter.
I may be wrong but have ADL ever done a capital raising at a higher price than the previous one? I don’t think so hence my reference to the death spiral.
.... and no sooner than u can say Board of Duds... bloody spell check. Sorry
Fair point. It was a great stock a month ago, Bunga Mas + Colter + Badger. That was an interesting portfolio and no dinner can you say Board of Duds, Bunga Mas gone, Badger lease dropped and Colter main target missed with limited data on Colter S. How quickly things have changed except for one thing, ADL just approved the 600 m shares to be placed.
Jace. Spot on. Not sure about the logging program but if they had it and take a test or a fire they would be shouting about it and they are not so can assume they didn’t completely evaluate Colter S and left it to side track and now are left with nothing. Simon, please prove us wrong
Knew the placing would go ahead and they would ask for more shares. A total bunch of garbage and we will see more shares issued at a declining price which will place ADL in junk bond status. Coulter S looks ok but it will take months to truly evaluate and probably another well. From Simon’s quote it shows that he has no strategy and know experience in the exploration game. He will go to great extent to polish the turd but at the end it will be just another turd of a company
Double. Time to go to the pub. It really works. Not sure Simon and the other clowns have taken as much off the table as you might think but they have been doing it for so long, almost 5 years, and have delivered squat and it starts to add up.
Hi all. At the pub having my spirits lifted. Recommend it for all the regulars on the board. As much as I think Simon is a buffoon and totally cocked this up I do feel for him as he put a big whack of cash down to show his support and even did a podcast touting it and he has lost 20k too. So very sad. Another pint in front of me now.
You are right. There is no way the resolution will not pass, we would be foolish if we voted against it as the way the sp has tanked this is equivalent to a premium placing. Can’t believe those who were talked into the placement are particularly happy this evening having lost 2/3 of their investment before they even get the stock. Optiva must be wishing they never became ADL house broker. Maybe some will initiate a bird spill. Now wouldn’t that be interesting
Double. Yes you have been saying that for months but in all fairness there still was a plan in place with BM and Colter so it did come across like a de ramper however as they have all fallen by the wayside it has shown that you were spot in, disappintingly so but yes spot on.
Just did some numbers. I can see us having a billions shares in the market very soon. After they finish this issue and then find a deal they can afford and will raise st a lower level and the death spiral continues. The consolidation make the story look better but it was just a classic case of polishing a turd. In the last two years under Simons leadership they have never raised money at a higher price than the previous one. Paying salaries is ok if a deal gets done but doesn’t seem like this mob have the skills. A sad sad story
Bet the new investors would pray that the resolution gets defeated which it won’t IMHO however the investor game is all about credibility of the company and the broker. What is going on now is a huge hit to the credibility of both. Optiva looks naive and ADL looks incompetent. What could possibly go wrong?
Having never met SIMON, can only assess his character on the videos and podcasts and I must admit he comes across really well but kezz makes a good point whether he has the skills and experience to close a deal. The UK stuff was pretty minor but anything close to production needs a different deal making skills which I dare say Simon doesn’t have. Haven’t heard anything from Rob A, was wondering if he was MIA.
Oil price really ranked so I can understand why they didn’t do one back then but with the oil price more positive and Simon kept saying he has a pipeline of projects then it should be simple to open the tap. I think the IPP was real only ADL was under capitalized but the real question to bugs me is whether Simon really has a pipeline of projects or is that BS. Time will tell and it probably will be doin one way or the other. FB