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07:16
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Originally posted by HarkenBanks
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Probably not a bad idea to appoint some advisors - "Origin Capital" (Sydney-based) has got the ticket. In hindsight, I'm suggesting it was a massive error on behalf of BAT Management not to seek external advice for dealing with capital markets, a long time ago. It is clear to me now, that BAT Management and Board do not have the requisite capital markets and financing experience in-house. Staggering chain of events, given how important financing/funding would be to an early stage mining company that needs to finance/fund to survive. Given where we are at now, and how much has been lost (and the growing delays), this oversight has almost been a company-destroying mistake. A huge learning experience for investors that even supposedly reputable and "experienced" business people can make seemingly obvious yet fatal (in a corporate sense) errors of judgement. Along the way they continue to draw huge salaries, while investors go broke. Extraordinarily bad outcome for investors who believed in the story.
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I've assumed that a number of the calls so far, e.g. short-term options, were on the back of Morgans' advice. Certainly the fees paid for the raisings over the last 18mths suggest more than just documentation.
