Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Oilcounty99-
What we are discussing is a tiny trade in the "institutional" marketplace. The problem is either our management most probably has not lifted a finger for selfish reasons, not thought about it or has not told shareholders who have asked, why this trade has not occurred. While not really enough shares to interest a typically-called "institutional buyer", those smaller accounts POQ calls institutional types could buy. This is an outright joke and ..........you fill in the rest.
All-
Again, the share price action is frustrating, except to our staff apparently. Their paychecks get deposited like clockwork. Why POQ has made no apparent effort to have an investment banker put together the remaining selling as one block trade is beyond me, except it benefits POQ's etal option pricing. The $$ amount of shares that probably need to be purchased represent less than $10 million. In the investment business this is a very small trade. Those of you who do speak with POQ, should ask him why he has not spoken with representative(s) of the selling / bankruptcy referee and put together such a seemingly simple trade. There may be a good answer /reason, but hopefully not "that I did not think of that". I suspect the buyers will be standing in line to take a final cleanup trade, including myself. Great question for AGM. Truly pitiful
P.S. feel free to forward to POQ if you like, as suspect my email address is blocked
All and especially "newtofo"-
Your comment this morning supports well my previous message as to the reasons we should think of FOG with a long-term focus, i.e. for my grandkids. If Beetaloo is not a bust and in fact a genuine world class structure, development will be years in the making. The potential good of this extended development is it delineates the structure and its characteristics, such that should an offer is made or the property is put up for sale, shareholder should feel the true value of our interests is being paid for.
If a short-term pop in the stock is what one is waiting for, I have no idea when such might happen. Read what POQ offers, but believe what Origin publishes would be my advice. I know that is difficult for some, but the waters have been muddied up by the unfortunate turn of events. Yes, the share price seems sickening, but the "Ghost of prior management ", are reflected daily in the continuous selling of those shares. Once completed, FOG share price should be better to reflect a price level better than what some feel is a depressed level. To me the price is the price and one can buy or sell accordingly.
WW-
Both appreciate and respect your opinions on FOG. My view is both short-term and long-term. FOG price reaction to positive news flow is abysmal. When I was an analyst living in Houston many years ago, if a company made an announcement like FOG did recently, I do not once seeing a company's share decline. In fact, many times they appreciated substantially. Currently, investors who know our situation, either are not adding to their positions (although I have been) or initiating new ones. There is one reason and it is not the overhang. As to the long run, holding on is my personal preference if we add real energy management and give POQ an honorary post, if he wishes to stay on and the new management agrees.
WW-
Just reading the encouraging news this morning and improved tone of chatters, while noticing the share has not done basically nothing. Had an idea that would probably aid our sick share price. Just suppose, the board of directors elevated POQ to chairman emeritus and brought in someone with exceptional industry talent to manage what seems an interesting asset in the making. Instead thinking about selling FOG sooner rather than later, take the position, if this asset is as good as some think, build a talented small team to build a company with its cash flow. Once the dust settles and while cash flow funds infield drilling, management can focus on the other asset we have basically given up on - SA. South Africa is undergoing, granted slowly, change in its becoming a player on the world stage. Look at the Russian and Chinese investments taking place there. Africa is asset rich and management poor. But it brighted students are being educated. I am involved tangentially in an project there and suggest FOG take the long view and work with others to improve the political situation to benefit its people. Well, talk is cheap, so maybe are FOG shares, but the suggested changed above is for those interested in building long-term value. Just my morning thoughts for my chat friends.
WW-
You are correct that "time will tell us what we have or do not have". At this point while we have a bit of a lift in the share price, it is obvious the selling is still abundant. Personally I believe, for all his good intentions, POQ would have better served his shareholders in having made a JOINT announcement with Origin, or better yet at this point, they ALONE. My guess is the share price would be CONSIDERABLY higher if Origin had made the release. It is that lingering trail of POQ pronouncements that continue to weigh on the shares. I know he is trying, but the facts are what they are. Philip, keep your chin up, you are learning some valuable management lessons.
The selling in the market has been obvious for longing than any of us can imagine. The question I have is whether POQ or Cenkos have spoken with the referee to ascertain what is remains to be sold and then have someone put the block together with perhaps POQ participating on the trade? I would ask myself, but as most of you know POQ treats me "special shareholder to be ignored". So, one of you still in his good graces might pose that question. I would certainly participate in that "print".
WW-
If it turns out as we hope, that is a splendid idea for those still around!! And TU for your note, as reading between the lines, I thought you were as you describe. Poods
WW-
Spent enough time in corporate finance to say I agree the endgame will get what the buyer offers. It is in the interim the shares flop around due to several factors. If people are happy with the shares trading as they do, then we should not hear from them. But enough who are uncomfortable with price being down so much has created some pressure on a few, as has been mentioned from time to time. Frankly, the shares I have are not going to mean much to my son, except since he is the one who recommended FOG some 9 years ago, he hopefully will be able to see that "patience is a virtue". I am simply trying to get a more professional manner in the way our management presents itself. Since this is my first and last penny stock, perhaps, what we have experienced is standard. Poods
WW-
The irony of POQ's lack of appreciating the importance of what I asked is two-fold. First, if FOG indeed did not qualify for what I was asking, he should be truthful, and simply tell shareholders "the company at this times does not qualify for a reverse split due to ......whatever the proper answer is / was, i.e. insufficient capital, not enough shareholder, etc". If in fact the reverse split could be effected, I would have asked his assistance in putting me in touch with the seller and the block would have traded, if we had an agreement on price. The trickling selling of shares would have gone POOF. Poods
If POQ had understood the benefit of my suggestion to make the share price such that small institutions also well as individuals who simply will not buy penny stocks, my belief is the overhang of shares which is small dollarwise would be history. Remember 100 million shares is only ~$15 million, a pittance in the world of investing. If POQ had provided the answer to my question, instead of his opinion on reverse splits, the overhang question most probably would be history and the shares would reflect the good prospect currently being drilled. Why someone could not get him to simply tell us the truth is beyond comprehension. Even, if the answer was, we are too small and haven't the proper balance sheet, then we would know that was not feasible. Instead 5 years plus of STONEWALLING the truth and the mystery of the share price, which I guess he enjoys since he has little invested and enjoys a fat paycheck.
WW-
Understand your comments and for certain I am a broken record, but only for the purpose to let people understand the abuse shareholders are taking, at least in my opinion and I vote accordingly. As to POQ and drinking, my comments to that point are based on others in the past commented on "going to the pub" with POQ. I do not drink alcohol myself so if POQ simply goes along for the PR aspect of his shareholders, he should be encouraged to "socialized with his shareholders". Poods
WW-
Thank you for your inputs, which after many years of reading your comments, seem well-founded. I understand the board's position on the AGM, but do not understand why they could not at least be linked via conference call devices, so they could take questions? Let me repeat, POQ has done some things well such as the negotiations, particularly with Hess. But he has also failed on others. It is certainly easy to understand he gets bored doing so little; therefore, his interest in golf and drinking beer in the name of public relations. That too is part of the job, except in this case due to circumstances he has an inordinate amount of free time, has failed to heed good advice on the financial front resulting in excess dilution from not understanding the ramifications of doing nothing. I cannot totally fault him for this as he is an accountant and not an experienced oil and gas executive, who understood that "stuff happens" and did just as I predicted to him a number of times. It was my concern for our poor financial position that pushed me gain an understand of the requirements for a reverse split, which would have provided any opportunity for large investors to participate. The regulators I spoke to were apparently not in the position to answer my question and could not tell who could. I told POQ, shareholders should know if the reason for not recommending a reverse split was not his "opinion" on trading, but rather the fact the company the did or did not meet the financial requirements to in do a reverse split. He only dodged the question and in the end, simply would take my call and you see the miserable price today which reflect some poor decisions in my opinion. Probably more than you wanted to hear, but since I am too old and too far away to speak at the AGM, which (thank you for the description business portion of our annual meetings), which last such a short time.
FOG shareholders are indeed fortunate to have an interesting looking prospect. POQ was not part of the team that found the Beetaloo, which most of us know. It is his lack of energy experience and a complacent board of directors, who seems to fear POQ's leaving shareholders stranded, if he was asked to leave. This company is about BEETALOO and not POQ. The discovery has and will hopefully be attractive enough shareholders finally receive a return on their investments. POQ is entitled to a FAIR COMPENSATION package. For a company this size, his package is as I have stated ad nauseum, overly generous. We can survive without POQ, but not without BEETALOO. Poods
BuckeyeBuff-
Your comments and related questions regarding the AGM are the best I have EVER seen on this board. Perhaps, I would ask for an explanation from a representative of the board as why we pay POQ excessive compensation, including substantial options for his limited responsibilities. I hope enough folks can go to the AGM and create the long overdue discussion of internal operations. Origin will take care of their responsibility, good or bad. Poods
All-
I have thought for sometime but not asked this question: who in this chatroom trades with Davy, Cenkos or any other relevant firm? It would seem if you have a broker's man at one of these firms, you might perhaps get a sense of what is driving their interest. I suspect the answers will be vague but "nothing ventured, nothing gained". That said the selling is still there and should we see a few downticks, perhaps the selling will give us a real bottom in the price, as I still do not feel we have seen it. If correct, I will have an opportunity to buy more on weakness. Best, Poods
gonoles-
Thank you for your warm response. My wife and I generally go somewhere in the world once a year. Ireland and Scotland are on our to do list, but FOG is not. If you have followed me for any period of time, you know this is not about the money; rather, the principles of what I view as shareholder abused. I am not going to repeat what I have said and only hope you have read some of my past comments. If the stock goes to $5 or $10, I am going to be pleased for those who have endured this tale. For me, good results will end up being more donations, for those in need. Thank you, Poods