agm how did it go ?, page-2

I didn't got, but was so heartened by the presentation I bought some more.

Some things I particularly liked:
- large cost savings. Seems like there was a lot of 'fat' to be trimmed. Which raises the question, given that this is 'rural' company, why did they feel the need to headquarter in expensive Paris, which is so far from the assets and the local expertise and communities. Looks like we have a more locally connected bunch in charge now.

- talk of renegotiating the convertibles, which is the biggest risk facing the company. States that they hope to make announcement soon. Later, in the timeline, they say an announcement regarding finance will come before year end. This is extremely encouraging. I wonder how they will refinance? Extend the convertible by a year or two in return for a lower exercise price (e.g. 50 cents). Any significantly lower exercise price would create all sorts of dilutionary issues further down the track though.

- they have already made progress with Foschiviller 2. Might even have some flow rates by year end. Yippee!!!

- They make Jura sound very exciting.

- They are talking talking up the CBM potential of Gazonor as well. Seems a no-brainer to focus on infrastructure-dense areas. Overall, there looks like there will be rapid progress made in the near-term in terms of drilling and proving of resources. With such ambitious goals, it makes you wonder what the hell they were doing previously.

- I liked how they pointed out some peer comparison with OZ CBMers (although they could be accused of ramping). Even though they have mainly contingent reserves, it does scream out to new investors the upside POTENTIAL of this company, which has fallen off the radar of even those interested in CBM.

Overall, just great to see the new management team are making some quick progress in those areas of most concern to investors - cost reduction, reserve certification, and financial renegotiations. I can't believe how things have changed so quickly in the last couple of weeks, albeit without a significant upward re-rating. The obvious question is whether they have the cash to finance their near-term goals?

Anyway, that's my two cents worth having not attended the AGM. Still some significant hurdles for the company, but things are looking rosier. Fingers crossed Poyndexter or some other generous poster went to the AGM and can fill us in on the tit-bits (including any negative that obviously don't make it into the presentation).