The killer is they don’t even bother elaborating what the money is used for . They basically say go read the old announcements , and if you do you will realise it’s going into “working capital”otherwise known as ..... salaries. Now if I was a prudent manager and I knew I had a great GSA about to be signed , wouldn’t I wait until after the deal is inked and SP rerates on the great news, before I raised more capital at such a low and highly dilutive price. Yes I would . If on the other hand I knew a fair chunk of the last CR went to paying off debt and probably some of the huge trade payables outstanding, I knew no real revenue making deal is on the way , I would be keen to raise more funds for my next 6–12 month salary
The beauty is that even after all these CRs where shares have almost doubled again in 12 months they still haven’t got the funds to drill even one well.
Joseph - if you feel a pinch in your thigh it’s the FPL drill bit drilling into your pocket - but don’t worry it’s been drilled economically as they are using directors privately owned drilling company .
FPL Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
