NO CONFIDENCE19 May 2020 22:41
Time to wind this baby up and make final payment to SH's I think. Long time holder here, I cannot believe how badly they have messed this up and what I'm sure will be a profitable mine for Oaktree.
€9m in Assets @ 31st Dec'19, incl. €6m cash receivable from Oaktree & current liabilities of €570k. So realistically maximum of €5m to invest in some other project, but they'll hold more back to keep the lights on and pay their 75% salaries for the next 3 years.
The fact that options have been granted at 0.01 eur speaks volumes (50%) of the net assets. Surely that should be illegal even though you can buy shares openly on the market more cheaply . . . . I guess the market knows where this is going.
I have NO CONFIDENCE that the BOD can invest our cash wisely and find some salvation for Ormonde shareholders. Even if they did find a suitable asset no guarantees their will be no future cash call for e.g. if that project needs more financing. I would rather my few £k remaining back so I can make my own investment decisions with my equity.
Sell everything/liquidate remaining assets, sell tax losses if possible and write me a cheque please!
Apologies for the doom and gloom, 1st time ever commenting on a message board ... and maybe my last.