EAR 0.75% 33.3¢ echo resources limited

Ann: Quarterly Activities & Cashflow Report, page-11

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  1. 932 Posts.
    lightbulb Created with Sketch. 45
    No but this is the first decent news I have seen in this stock. Volume without a catastrophic fall is a sign that someone believes in it at around this price.


    I have to say management have demonstrated themselves to be rank amateurs in the way that they have handled themselves in recent months.


    1. Announce their BFS many weeks after committed.

    2. Find that although they claim to have been planning finance for months they have none. Just options.

    3. Claim to have placed orders for long lead materials for the plant upgrade months before the BFS, but no progress.

    4. Long time between updates which merely repeat they have a BFS and attractive financing options.

    5. Equity and thus enterprise value crashes in value undermining the financing options

    6. Invests remaining resources in further drilling hoping they hit something before cashing out in order to restore equity and Financing options.


    This is all very amateurish. The market respects management that can describe its strategy and execute to their stated plan.


    I suggest voting the board out at the next opportunity and appointing Bill Beament as Chair or at least some of his board.



 
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