Cowcockie / Nomoregfc, you guys still watching this? I've spent...

Cowcockie / Nomoregfc, you guys still watching this? I've spent time going through today's quarterly and comparing it to the Mar-14 and must say management are not delivering here and things definitely don't add up.

Firstly in last quarterly we were told that the GSA term sheet and heads of agreement would be signed by mid 14! Now they're saying Q3. I know things can always take longer than expected and I'll admit I'm no expert in negotiating but surely you put yourself in position of weakness when you publically tell everyone you will have the deal done by a certain date. Also I think Eskom are the only potential buyer here? I can not see them doing us any favours!!

The other concern is the amount of debt drawn down and security given away, I hope you are wrong Nomoregfc about cygnet/whiteswan rebirthing this company otherwise we are all toast. It is a concern how low the bank balance has got. It's possible they won't loan anymore money and have already got security! Not good...?

Administration expenses for the quarter were 356,000 after they budgeted 60,000 would be spent on administration in the march quarterly, talk about overshooting the budget and not a good indication management are being prudent with shareholder money.

I hope I am wrong but the screen is still not looking good, maybe others share my concerns.. Surely if they did a capital raising it would have to be enough to pay back the loans of 2.4m to get security of the asset back and then they still need more money to fund their quarterly spending which appears high. I think they would have to raise at least 5 or 6m which will be quite dilutionary if they did a placement at say 6-8c...

i guess at at the end of the day it all comes down to whether we can do a deal with Eskom very soon.

just my thoughts guys..... GLTATradergirl