RE:PDACOkfine, the old cheering section may not all have sold their positions.
They are also surely not too impressed with the performance of this "exemplary" management team, who has not delivered much in 7 years in the way of shareholder value. It was one checkmate after another. Of course, in that time, they have managed to secure fees and income for themselves, as most players in this game do. Talk is cheap, as they say. Actually delivering the goods seems a lot tougher for some. I invested in three different companies with this management team, and all of them a bust. Misplaced trust unfortunately, due to my nature. Credibility becomes an issue at some point, no doubt about it. I have reached this point when it comes to this management team.
That said, nothing we can do about it. They spend shareholders money as they see fit and based on their views and their vision, and at some point if those abilities are insufficient and their strategy unprofitable for a long enough period, they will be unable to find people willing to back them any further. Question of time, that's all it is. They will continue to try to make this work with whatever ability they possess, and when the point is reached where no one is willing to back them anymore, they will retire, often comfortably from their fees, founder shares, options, wheeling and dealing, like so many others have done in this sector. This is one sector where even though you may create no value whatsoever for those who invest their money with you, you have a very good chance of striking it rich yourself, without ever finding a resource, let alone developing one. There is always someone new who will believe your story, though, so the game can go on for a long time. That is the risk we take when we believe their stories. Not their fault, this is what they do, and I do believe they do sincerely hope to create value, but most of them don't.
The Richfield Ventures of the world are few are far in between, and clearly to date, this management team has not been able to deliver much, but who knows...........maybe they will surprise us yet .....hopefully.... in this lifetime.
we can only sit tight and watch, complain or cheer, whatever the case may be at the moment we observe the progress or lack of it.
vwig.