I'm sure it is a reasonable request to ask for a breakdown of a figure on the account. If it has been audited it must be correct and their shouldn't be any problem asking for a breakdown unless they have something they don't want to tell the shareholders.
I'm sure that shareholders of a private company are allowed full access to records if they so wish. Although in reality most of them are just husband and wife owned companies.
Seems the board etc are right wound up over things. Definitely running scared. They did Definitely say that if Ruvuma not sold for an acceptable price they would fund to drill pr even production if necessary. Another complete u turn as was their change in strategy.
RE: Transformational Transaction no Less22 Jun 2022 11:58
To think Wentworth could be earning in excess of $50 million dollars a year in a couple of years from now. Payback in about four months The Board have definitely lost the plot. Surely a loan secured on future production could have been taken put. Why don't gneiss lend them back some of the millions they have taken or at least defer their fees until production.
Seems everything was going well until the one dyas deal was aborted. The board didn’t have a plan B so therefore just gave up and just spent million's lining their own pockets together with their cronies.
Their board are running scared that Ruvuma will fail. If it does we get just $3 million less related expenses. We even have to pay for any additional costs until the deal is done.
I assumed past costs would have been at least partly reimbursed.
Seems Wentworth are having their cake and eating it and we are left with the crumbs.
I think any normal person could have come up with a better deal than what is on offer. To think how much this deal is costing in fees. Money for old roofer or what.
Absolute disregard for shareholders. Strange how a few years ago they could raise $30 million for the aborted one dyas deal. Seems they can’t raise a bean given current sp.
Where have the millions gone given we have one AD plant 50% owned.
The deal is awful given we are not being reimbursed for past costs and are liable for any cash calls until the deal is complete.
I seem to remember us helping Aminex out when they were strapped for cash. Also nr’s decision to keep drilling after Tullow’s withdrawal. Cannot a deal be done where adt meet all our future costs and we retain a very small percentage as a free carry.
Seems the board are intent on this transaction going through. At least a couple of million in fees out of the initial $3 million not leaving much for their expansion plans.
Looking back all seemed to be going great guns when they announced the one dyas deal. Interviews galore even the coo made an appearance. Once the deal was aborted the board just seemed to give up on the company and its shareholders. The fees situation and telling shareholders one thing and doing something difference need investigation. If they have broken the rules then would be banned from being directors so would have to go anyway. I trusted the board to give some shareholder value. They have sold an asset for maybe a tenth of its true value given the proven reserves and 3d seismic.
It seems they have a big problem in the way they look at assets. Perhaps they need to stock up on Imodium as they will probably need it at our forthcoming agm.
Year end accounts have to be filed by 30th June so the next couple of weeks could be very volatile.
The board must read these boards.
I sure hope they do because it will give them some idea of the utter contempt most shareholders have for them.
As someone in the accountancy profession I can usually just look at the company balance sheet and see that something doesn't look right. Although a private company can hide its profit and loss account the balance sheet can tell you much more about the company than you think. Some of the notes can also disclose a great deal. Imo something definitely not right about the fees situation Very strange that almost from the moment he joined the board his company took off. Just look at the number of employees.
RE: 200% improvement of the existing MC17 Jun 2022 13:41
If they hadn't been so awful in running the company the sp would have been at least 10 times what it is now so about. Watched interview about half way had enough. A load of b******* imo. Regarding the fees must be at least 10% of the total probably up front they will charge vat so cashflow wise about $2 million. Hope the deal gets voted out together with the board.