RE: Sell up, Raise at 16.40 today like all the other times30 May 2025 11:10
⚠️ No shareholder value, never has been ⚠️
Genuine holders should demand a full investigation into Matad.
1) £174million spent over the years and not a penny of revenue achieved. The accounts should be audited to see if they match up with the operational costs as claimed.
2) There has been numerous operational delays when the CEO have promoted "exclusivity and support" from the Mongolian Government.
Yet, in over 10 years investors are still waiting for first sale with no guarantee in sight.
The lack of transparency on the issues involved could be a strong case of market misconduct as MATD have constantly reassured investors and promoted the good connections with the Mongolian Government.
In reality, it is the complete opposite and investors were mislead into investing into the false prospect of the company.
Points for reference:
-All of the wild cat drills were off the mark despite investors being advised on 60-70% chance of success.
-5 years to obtain the land permit despite good connections with the Mongolian Government
-Payout to the local environmental protestors for land access were another company mismanagement which has impacted shareholders
-6 months for the export signature
-In what appears to be an over commitment / shift of focus from Heron to Borzon. Investors original bought into the strategy of steadily expanding on the portfolio and becoming a self-funded company.
However, with Matad without even bringing Heron onto production, the CEO is already committing to a new block.
This does not go in line with the initial strategy of becoming a self sufficiently funded company. Matad just don't have the funds to be committing to multiple projects.
Intentionally or not, it has been a complete shambles for Matad and all the long term holders have lost money. The outlook is grim and trust is gone. Issues and uncertainties remains around the company's forecasted oil production and revenue. The strategy is poor and Matad have lost sight of the focus. They are over committing despite continued failure to bring on a revenue stream.
Meanwhile, they are hanging onto the approx £2million in the bank.
It's evident that there were never any shareholder value. The company's intent were never about that. It's more about the BODs keeping their own pay cheques and shareholders will be further diluted each year.
All in my opinion and DYOR
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