Member Info for Fevertreeman

And mean time cash accumulates on the balance sheet - incredible isnt it. Whilst the Board fannies around with POO edging up daily, our bank balance continues to swell. It is frankly absolutely laughable that s/o could pony up £120m tops to get hold of all that lovely cash on the balance sheet and have 12000 barrels a day flowing through as an annuity without any further need for exploration until the bloody thing runs dry. If I had a spare £120m I would bid for Hurricane wouldnt you? WTF are the Board of Directors thinking!

Most sp has been in last 6 months is 6p !!!! Then our Board of heroes crushed it with their RNS. So a predator could offer 6p and that would still be a 145 pc premium to todays underlying share price.....so you can forget 14p mate unless the share price rises substantially and holds the rise.

This crap BoD would recommend any decent premium to get shot of their responsibilities. And given the usual formula of takeover premium being argued based on: 3m/6m weighted average share prices.....I cant see the Board having the guts to hold out for 14p

The technical review cant come quickly enough given the sorry state of the share price despite healthy cash flow, bpoe , acreage etc....there is no sense of contrition, no apologies, no nothing from a board of directors that have taken their fees and done SFA to justify their presence. Their sheer Incompetence over the last few years is breathtaking - who knows what advice they are getting but they should be concerned about their reputations

The technical review cant come quickly enough given the sorry state of the share price despite healthy cash flow, bpoe , acreage etc....

Every reason to be livid Albie. The issue in front of is how this Board of Directors clear up the mess that they are responsible for under Trice (minus the new CEO). They are the same team that were happy to agree with Trice, and then they werent. Clearly asleep at the wheel, clearly didnt push hard enough despite having O&G expertise round the table, clearly brow beaten by Trice. The pathetic thing is that they are now paralysed and seem to be waving a white flag saying "It aint our fault"

a SPAC would have bought this lot already.....

1. CA is known as an activist investor so seems to me after a period of quiescence whilst they observed Maris and the board, they have decided that not enough is being done to come up with solutions by the BOD
2. BOD continues to give fine impression of rabbits in headlights: this company now appears to be being run by the financial advisers and competent experts. No evidence of any leadership being shown by the Bod or new CEO. This is clearly irking CA

Every update the man has given us for the past god knows how many years has actually moved progress back not forward. And lo it came to pass, that nothing has come to pass.

What really irks me is that each announcement he makes moves the goalposts; or doesnt link fully to prior announcements; or information contained in previous announcement then is not included. It is impossible to know what is true and what is not. He is almost Trumpian in his ability to distro reality...

- So "coming weeks" is actually now March (at the earliest)
- So October's Conditional Consortium Announcement which had the following line: "Experienced African investors conditionally agree to contribute a minimum of US$40 million to the Project" has not been updated. Who are they?
- March funding but further down release you have this: "The key steps to progress the development of the Tulu Kapi gold mine during the first half of 2021 include the following:
· Finance:
o approval and execution of detailed finance documentation; and
o receipt of Project equity/subordinated debt subscriptions (senior debt drawdown is anticipated to follow in H2 2021).

I mean does any one know wtf he is actually committing to deliver?? WTF are the advisers doing to rein him in? The sp is the only weather vane and look where it is pointing....deeply unimpressive and misleading announcement yet again.
And then there is kick off of production which is now slated for Q4 2022, which is meaningless in The Greek's calendar. For that read some time probably 2H 2023.

Absence of news methinks and general uncertainty about economic recovery (other oilers are down today). Wouldnt surprise me if we test the sp lows again. Lack of faith in board doesnt help one bit

a la Saga.....so much paper issued that we are simply drowning in shares....

Erm....not so sure about that.....in lieu of directors fees, so arguable if he actually unzipped his wallet and actually parted with any actual drachmas.

even the jurisdictional issues are wearing thin when there are plenty of examples of other emerging market exploration type businesses that have managed well enough

I was trying to look at the issue of H from different angles that is all.
1. His prior mining track record
2. His prior project financing track record
3. His public pronouncements esp last 2 years
4. His total failure to get financing partners across the line (ANS)
5. His consistent failure to take responsibility for missed deadlines
6. The lack of board challenge
7. The ongoing dilution of shareholders over many years

On it !

On it !

I am none of these people. I find it insulting as a former fund manager to be called a deramper (or for that matter a ramper). I am merely holding a mirror up to a CEO who has desperately and singularly failed to deliver on any meaningful promises and yet is still in post. The board is utterly supine.
As others have pointed out the TK resource was discovered back in 2010. And as others have pointed out H has no track record of raising project finance or for that matter getting a mining asset up and running. He clearly has no clue when financing is coming if ever, and continually just vomits out vague dates and endless excuses.....get Nick Mather on this quick....

company led by CEO with terrible history within the company of obfuscation and lack of delivery. Unfortunately no good history pre kefi either in raising finance or getting a mining project up and running. Which will win out - the value of the assets or the CEO's inadequacies? It seems a simple binary bet and investors place their bets(or not)and wait, and wait, and wait.....

General meeting statement from 2020: The proposed Project and financing timetable, as previously announced, is for the first six months of development to be funded by way of equity investment at the TKGM level by the Project partners, beginning in January 2020, with full finance close and bank loan drawdown planned for mid-2020.

FROM STATEMENT "Since our AGM in August this year, KEFI has maintained an aggressive yet carefully risk-managed approach to maintain momentum. In Ethiopia we remain set to commence development of our Tulu Kapi Gold Project (the "Project" or "Tulu Kapi") early in the New Year,.."

INTERPRETATION: We have got some mobile generators on site and there is more ditch digging? Such sophistry

Comment: "We have completed an intense due diligence work programme to serve the financiers' procedures for their respective approvals of the Project start-up."

INTERPRETATION: last lot of financiers disappeared so back at square one with this lot

Well folks I'll tell you; 2 billion shares in issue ...ffs