RE: Slovenia22 May 2020 23:22
I was in on the conference call, I asked a number of forward questions via email, as advised, but these were not addressed, I was also not able to ask questions on the call like others despite requesting to do so. They were pretty demanding !
For what it was worth I have a feeling the review of Slovenia will disappoint, Dennan did not seem to have the fight for legal action citing a 2-3 year delay which would absorb management time etc, he also was pretty negative about pursuing production (assuming permits) citing much lower gas prices (down over 60%) and what he described at 'tight wells'
Despite some consideration I am truly struggling to try and work out what their plan is for Slovenia, will they simply walk away, I fear this may be the case. We will soon see.
Dennan was entirely pumped up about Cuba, that was obvious, he more or less implied AST was a new company, new management & new focus, whilst not saying it outright I felt his commentary was along the lines of tough luck legacy holders you have lost out, not my fault.
I am surprised the other folk on the call did not pick up who Christopher Williams was, he asked questions, he is known as Chris Oil, he currently owns 2m AST shares presumably picked up in one of the placings, he has made significant money by buying into stocks at basement levels, he is also highly controversial, make of that what you will.
Dennan seemed pretty genuine but if I recall correctly he previously worked for Darwin a offshoot of Henderson, one investor asked about the 2nd cash raise nearly 50% lower than the first one, Dennan defended this raise as 'good' given market conditions at the time, I was not impressed.
In respect of the COVID rumour, Dennan started the call by saying he could not comment over this, he then suggested the new Board had experience in delivering value via special situations, interesting !
There are still a number of brokers who have AST as 'sell only' on their system, not able to buy the shares, HSBC is one, I wonder how much this is effecting volume and the share price.
News should come next week IMO.
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