Sense & Sensibility17 Oct 2023 08:21
There is no sense in this company being £15m mcap, it's basically bankrupt by my calcs, with these assets soon to be handed back over to ONHYM. This dog traded a new all-time low yesterday, and it's hardly surprising. For me it's a textbook example of an AIM O&G zombie company, continually going cap in hand to the market for funds, diluting existing SH (most of whom can't fathom, calculate or comprehend what's being done to them, and GL is certainly grateful for that!), and a cast iron ability to miss every single deadline trailed out there, even two most recent critical funding deadlines. Delays are never positive news from my experience. Management will be getting squeezd and screwed as time goes on and more and more given away. When I say management, what that really equates to is exiting SHs, not management. They conitinue to feed at the trough, gorging on inexplicably high packages that bare zero resemblence to any delivery or SH value creation.
I said a while back that the sp would hit 0.5p, but now I honestly think it will go a lot lower. Has anyone asked what security the Moroccans have should SOU be unable to meet the tax repayments? There's so many breadcrumbs that suggest to me primarily UK PIs are being used as cannon fodder to get this Moroccan domestic project moving, with zero chance of any of that benefit likely to flow back to existing SHs. The likes of ktf have throw 3500 posts at this company, all bullish, and all wrong. It's hard to be objective when you've so publically stated your position and shown to be wrong time after time. But the reality is the company is now nearing in on 1 month late for the dead-stop date on the bank funding and much longer on the CalVal exclusivity deadline. Either they were so xxxx originally at working with their domestic partners to understand the likely deadlines (which in itself is an inexusable failure on their behalf), or this a very bad sign as to what's (not) going on in the background in terms of any progress here.
100% certain all this bs from the company about 1H24 Phase 1 revenues is utter carp (ktf seems to think that means 1 Jan 2024!!??, oh how naive), this won't produce any Phase 1 revenue until mid-2025 now in my view, over 20 months ahead at best. By which time at this cash burn there will have be a need for a further £12m+ fund raises, watering this sp down to below 0.4p in my view. This company is a massive sell, almost as much as the management here, who revert to the same old AIM tricks (as employed by JP) of being happy to email out when things aren't so bad, but have a zero comms approach when they know the news is very very bad. When this sp does blow up the likes of ktf will for sure have zero humility, they'll fade into the background and investors here will realise all these bulled up bs posters here were merely part of a faceless shorting crew, luring in poorly researched AIM punters. Just look at a sp chart and think about it. All time lows today, join the do
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