Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
MON1 You know your stuff buddy !! Its a shame the majority on here choose to ignore what is sat straight in front of their nose !! MB is a figure head brought in to give the show some credibility !!! As you clearly have already identified the real boss is a lady and certainly not a gent !!
2010PM. A very good summary but let me draw some facts into your gaps. The FSU when you truly understand the difference by country is vast. Mongolia is a democracy and therefore very different to either AZ, KZ or TM. All these countries fit with a leadership style very different to Mongolia so in terms of the FSU and Mongolia there is a significant difference. I have worked with SOCAR, and they operate very differently to ministries and business in Mongolia. In terms of schedule slippage I am struggling with your views on life. As the owner you and your team, lead by your CEO is there to manage and de-risk schedule. PM are the owner, and if you know anything about project management, you will know project management 101 teaches you, never assume your contractors are as capable as you may be. The fault of PM as the owner was they should manage schedule and especially the risks in terms of resource histogram, as that is very likely to have the biggest impact on your schedule and your business. Need I say more ??? Chinese visas, especially in Mongolia at present equals a difficult conversation !!! I just happen to know who sorted this on behalf of PM. No more needs to be said. Share price dilution at this point of execution potentially just prior to activity and potential spud was a tool used to the benefit of certainly not the long term investors, who got on the PM train many years ago. My point in terms of experience is, like you I understand the life cycle of an oil project. I have seen these plays several times previous, and to be sucker punched just before spud in terms of upside sucks. Risk stays the same in terms of potential, however upside becomes less attractive. Fact. Can you still come away with profit from PM ?? Possibly maybe !!! However your upside has decreased, but your risk profile has remained constant. I do however agree its a red or green position !! I am not being negative, I just do not like goalposts being moved that may seriously impact my own investment, that I calculated and assessed, just before the big show starts !! Leaves a bad taste in my mouth from an ethically perspective. Enjoy your evening.
2010. I do hope you are right and a silver lining may exist !! Firstly you make an assumption in regards to an "oil refinery" in Mongolia being built. Just because India and Mongolia suggest investment will be made available for one, does not necessarily mean that will ever happen. Sainshand would be a good example of what was, but never happened. I never paint a black or sad picture, I can only present a picture based upon the facts I know, and that are presented to me. I use this term a great deal in my own business that, stakeholder balance is a critical and fundamental key deliverable which must be created to ensure all invested can expect benefit from the risk they acquired when investing at a specific period or time in a business. To have your own investment seriously diluted weeks before potential activity completely changes your upside and risk profile. Many on here have for months been speaking and wishing the share price up, and quite rightly based upon what they have at risk. To once again be kicked just as you believe you have stuck to your part of the bargain, which is to remain a long term, focused investor, confident in the managements ability to deliver shareholder value, in my book anyway is not where I believe Matad needed to go. Lost of confidence has been eroded recently, I believe its time that Matads senior management began to rebuild some !!
Part II. Honestly guys who do you believe the privileged few are that have acquired shares recently and made significant cash in a matter of weeks? I think most of us need to wake up and understand what the Matad vehicle is and who it serves. Matad is a life style company created for the fortunate few. The golden tough this creates is constantly full of Matad’s closest and dearest eagerly waiting to get their next feed. The story and the strategy of Matad will continue to change, but not to suit you guys, but to suit the chosen few. I am not seeing 16p, 18p, or north of 20p as all expected. I do believe 10p may be an expectation that may not be too far from the truth over the coming weeks. Then the story will start all over again, so the chosen few can once again feed at the golden tough, in the knowledge, all is well. This is Mongolia, and before we all start jumping up and down, saying what do I know, I know how Mongolia works, and gentleman, in a nutshell, what you are experiencing is a story, that is unlikely to have a happy ending. I expect Snow Leopard to come up dry, but that’s all good as Wild Horse will keep us all interested for the rest of the year. Block XX will produce, I am sure, but only enough to sustain Matads working capital needs and the ongoing operating costs of the salaries required for it’s significantly over paid board of directors. And of course after very wisely reviewing 3D which was the smart thing to do for Falcon, it has indicated Falcon probably is a duster as well. The new CEO invested 200K of this own cash I see you guys elude too. In the oil and gas or mining sectors it’s very common for senior board members and executives to receive signing on benefits. The individual then invests in his new business and puts this out to the market to demonstrate he has confidence and commitment in the business he now leads, when in fact it’s just a smoke screen to fool investors. It may look like this own cash, but infact it may be the groups to create a positive spin and good news. All very common. Oh and before you ask, am I invested, the answer is yes. However why at the moment is a question I simply cannot answer. Comments on a postcard!!
I have watched with interest over the last 8 weeks where most on this board with an opinion have suggested the share price will head too and when. Most, if not all of you are now about as far behind the 8 ball as is possible to get in terms of understanding Matads really objectives. Few of you understand Mongolia. Few of you understand the politics, how things work here, and the levels of corruption in this country. I hear people speaking about permits and that everything will be OK. How many of you understand the engineering process and how that interfaces with the State Professional Expertise Agency for approval. How many of you really understand the immigration process, especially in regard to foreign nations. What are the expectations of NEMA, and of course can you rely on the process and people part of it? I am going to take a guess here, all will believe they understand the process, and how things work in Mongolia, but none will have any experience. The continued news of schedule slippage for this years proposed activities is very clear evidence the management have a very poor understanding of key deliverable's, and how these should be plugged into a level 1-3 schedule. Fundamental to any schedule is your resource histogram. No resource generally means no progress. For Matad to fundamentally not understand the importance of managing the immigration process, with the Mongolian immigration office to ensure this did not impact schedule was at best pathetic. Simply put, people we choose to trust with our investment do not understand schedule, deliverable's, and how this may impact cost and share price. If they did, why would they let such a simple key deliverable push their proposed schedule back significantly in what is a very short summer period, where these activities need to take place. Moving onto SP and yesterday’s RNS. If we collectively believe that was a good RNS and in the interests of the true investors on this board, we are fooling ourselves. Once again confidence in Matad has been eroded by poor communication, relating to a consistent change of strategy. Before we all start jumping up and down, yes I have worked in the oil industry for the last 20 years. Yes I have probably flown in more choppers offshore than most on this board will see in ten life times, and yes I generally understand emerging markets, having worked in them for the last 15 years. From all of the ex CIS during the early days of the Caspian developments, Libya, Tunisia, all of the Middle East, and not forgetting Trinidad when BP acquired the Amoco assets, I think I have a relatively decent spread of experience. Not of course forgetting, 5 years in Mongolia. Part II to follow.