Sarg, rash over exuberant statements would be one thing. Failure for the past 6 months to even outline a detailed game plan going forward, to shareholders & the market in general is another thing altogether.
Despite all the good results released in calendar 2018 the price is now at a near 12 month low. It is just a cop out for anyone to say the company has no control over how the market will price the company's stock.
Peel's share price is to a large extent a reflection of Peel's actions. Leave the market wondering what the hell you are doing ( with long periods of silence between releases ) & hope to achieve & the price will be punished. As it has been for close to 6 months now. Hindsight is a useful tool. Failure to take notice of it & continue on repeating the same mistakes month after month is a failure to learn from ones mistakes.
So now we have a situation where money is being raised at a price not seen since October 2017. You are somehow implying that the company is doing us all a big favour by allowing to to buy cheap shares in the rights issue. B.S ! The issue is priced so low because the share price has sunk. I would much rather the share price was north of $1 & the rights issue priced accordingly.
As Smoking mentioned the company has a very good idea months in advance of what expenditure will be going forward. They have to. Forward bugetary planning is one of the most basic requirements of management & directors. They damn well knew months & months ago what levels of expenditure would be required to advance the project going forward.
It is a fair assumption to make that the major shareholders are possibly getting delivered a more thorough briefing about the game plan than the rest of us. It would beggar belief that they would leave the current management & directors to continue operating the way they have, if they were not.
I will be the first to stand in Robs corner & defend him when it comes to exploration results. But so much else leaves management open for criticism.
I may sound unforgiving. But this is a very unforgiving business. The ASX is littered with good companies that have wonderful projects. But whose share price has been punished due to the shortcomings of their management.
PEX Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
