Proactive presentation5 Feb 2021 19:47
Having listened to Mark Child during the last Proactive interview I was decidedly underwhelmed - no wonder the shares have dropped since.
The list is not extensive but....
No mention or progress on toll mining
Said he expected production would commence in 2 years - 2 more years !
Stated that Condor would need Gov assistance to acquire the last 5% of land - compulsory purchase.
Never really gave a satisfactory answer to the low priced warrants that clearly suppress the share price
Implied there would be more dilution - uncertain how much.
Declared he had been messed around by a supplier of 2nd hand plant so has had to look elsewhere, not good.
In a previous interview he suggested that there had been some challenging discussions at Board level, it seems there may be policy disagreements, a major shareholder in RB is clearly selling down, other large holders have exited historically.
My view the market is losing patience with Mr Child, it is OK for the likes of Jim Mellon to sit it out and wait for as long as it takes but the market clearly wants to see production and revenues in this sector bull market.
When Mellon said at the Master Investor event in the summer Condor would be a multi-bag stock there was fresh air of optimism around, all of a sudden there is a foul smell, progress seems to have stalled.
Deep down I do not believe Child or Mellon want to go down the toll mining route, both can afford to sit it out and wait, I believe this is where the friction is coming from within. It would be nice to be a fly on the wall at the Board meetings.
Unless policy changes, with a shed load of cheapo warrants still outstanding, the shares will continue to underperform in my view.
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