RE: Today’s RNS25 Jun 2025 09:43
Fact is shareholders are exhausted by Lanstead dumping 1 billion shares onto the market over 24 months, ORR secured around £1.6m in the process but circa £1m of that went into the pockets of the BOD, with other G&A costs absorbing the rest, the last accounts show £546,000 paid in renumeration alone.
This outfit is paying too much in salaries plain and simple, for every £100 they raise at least £65 goes in overhead costs, that is far too high and well above the norm. Unfortunately they will never change, the share structure also suits them, there are no 10%/20%+ shareholders to exert pressure, they know that of course !
The way forward is unclear, everything about this outfit is long winded, they simply do not have the ability to deliver meaningful and sustainable shareholder value, that is a fact. The market needs excitement, the best performers are those outfits that are dynamic and determined to deliver value by way of doing deals and being nimble to market changes.
The situation in Senegal is a perfect example, they have been there a very long time, over a decade, the old Stratex spent £6m, then a JV giving 60% away, a further £6m spent, but no meaningful value has been created, now ORR are likely to be diluted down to near zero. In the meantime a nearby junior outfit called Chesser Resources with a much smaller licence, made excellent discoveries, were taken over by Fortuna for £40m, all within a few years.
I honestly do not know what ORR's mission statement is, does anyone ?
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