today 595,000 were sold at .001 and 4,750,000 were bought at .002. That is a 1 : 8 ratio. The last two sales that changed the market capitalisation by 50% amounted to AUD$95.00 ( this post should be in the humour section )
variety e/ to add to your list is Pacific Energy have been given an escape clause by closing the price at .001 a few times if they want, don't want to be tied in etc..
I would like to think that getting to strike two is just down to a bit of mis understanding the underwriting terms but somehow that doesn't gel with me.
Personally I think that there has been and still is so much disorganisation going on in the company that lurching from one revised announcement to the next is there to give the impression that there is some organisation, albeit without much actual disclosure of what the company focus is. Issuing stock like confetti and then consolidating is due to the company running way too close to the wall and is in effect an IPO but no guarantee it will work. Getting to strike two in itself is a very loud statement of that.
There used to be over a hundred million stock wanted to buy recently but that has diminished greatly with all the updated revised new directions announcements.
But wait, there's more.... someone mentioned a rig has turned up at Penola.... is that the grand total of that tidbit.... ? Can we at least be informed of the capabilities of that drill if it is actually there and it's purpose.
According to Bakrie, Sokoria is priced at 12.5c per kwh (which is way above what PLN can properly afford btw so no wonder the development will be small initially) and will be a 5mw initial plant with successive incremental increases over x number of years. x years is very accurate in Indonesian terms, as PLN can afford it/distribute it etc. try not to believe any other rate of development sky pie. Just have to wait for PLN to issue PPA to get started. At least it is being discussed now that the location co-ordinates have been verified. The question of the reason for delays being location co-ordinates appeared in the Indonesian press around last April, I cannot recall that being discussed here while the wool was being pulled and the faithful kept bleating..
So.... only real value I can see in the company is some marginally porous sand in Penola that needs tonnes of work to see if it can be made useful. (Why wasn't a second hole on the agenda seeing as the first hole took near half the expected time that the rig was booked ???? Why was anti porosity gas type mud used when all previous holes in the area looking for gas were dusters ?? Why wasn't the first hole reamed out instead of the drillers being idle. Why no mention of why a rig is at Penola atm ? unless that was a misinformation.....
What really bothers me is that having experienced so much wool pulling and without any real direction or reason given to moving to SA, the departure of directors, the likelihood of Indonesian progress being delayed on an ongoing basis so returns are at best partial to what is expected, strike two just occurring and the latest request for new money has absolutely no mention of any particular project just the usual ongoing development and assessment of current and new projects and lovely company remoulding fees.
The other thing that irks me is that only Australian and New Zealand shareholders are able to participate in this new issue. If you want a reason for someone wanting the SP to go to .001 for a while, it could be someone in Indonesia wanting in at a very good price and this is their only way to do that at prices commensurate with what was given to DV and now this issue. The other reason Indonesian holders could be excluded is because they are not at all interested in owning any PAX anyway.
It will be very interesting to see how many change hands at .001 overall and whether there is actually a turning point there. I think there were about 50m wanted initially but that could have doubled seeing as the confetti has been flying.
PAX Price at posting:
1.0¢ Sentiment: None Disclosure: Held
