RE:RE:RE:RE:[First of a Kind?]Is it mortgage the house time yet? Perhaps I should have done so at .20c....
ctblizzard wrote: I agree with pretty much everything you stated.
Just towards the end is where I respectfully disagree a bit.
While I do understand the need to keep certain things under wraps until you have a signed contract, once you have a signed contract it is a different story as the bidding process is over, you have won.
I really wonder how people can say management has been transparent and not hold people to a higher standard. This is a company that is nearly bankrupt, has a huge excess of debt over assets has shown continued delays even before this award , whose stock had gone from 10 to 10 cents and who racked up 230 million in losses.
After all that you have an award which is game changing in a potential turn around but you do not not the party, nor the financier , have no money for it, have two directors replaced by a creditor without whose help you would be closing the doors. You come up with guidance and blow through it, sign a contract and get no money.
First deadline Oct 1, you find out still working on it, no details, December 31 becomes new deadline. Up until this deadline multiple calls to IR and management returned "everything was on track" or "no reason to believe it wont close". Dec 31 comes, nothing new, same announcement right near the end of the deadline. Feb deals gets signed but no money, at that time end of 2nd quarter is guided. 2nd quarter ends, new talk is "Final stages"
There is no transparency, you really know nothing at all. Now Mark has tried to fill in some gaps along the way but if in any way management or anyone involved with this company is telling one person that this financing is with a Canadian company or entity and backed by the world bank you should know that or whoever leaked that information should be reprimanded.
When do you think this comment by MG was made?
"Update: I spoke to contacts and a company representative over the past few hours and believe that the funding is in good shape to come through. I have since bought more shares."
This was made On Feb 6th of 2016!
Up until the Inga dam release the word was some African development company financing this. Then it suddenly changed to Canada being "confirmed"
Shareholders should never have been in the dark regarding debt negotiations when the debt deadlines were passing, and should not be guessing whether or not MG has the correct information or not. Whoever thinks this is standard in investor relations would be wrong.
If nothing else Shareholders should know something about what is going on. Lesser companies do this all the time. In fact they go out of the way to mention details to give people confidence in what they are doing or at least an idea of what is happening and often even in not so difficult a shape. This need for info is multiplied exponentially when a company is essentially out of cash.
Regarding your point on the Inga dam article I do agree. Infrastructure was not mentioned but the craziness surrounding the dam and in inability of Timeturns to really make their last deal happen in any kind of reasonable timeframe (5-6 years and counting) gives me almost ZERO confidence that some sort of African connected entity would get this done in the the nearly immediate timeframe needed by Intermap to stay alive. This is why the possible Canada connection is so key.