ManagementIn a recent guest spot on ROBTV Paul Van Eeden said "Management is the single most important aspect when buying small, illiquid and highly volatile stocks. 3 things are needed, 1) Integrity. They have to manage in the best interest of shareholders, not management 2) Technically competent 3) Financially competent".
Sultan's Management may get a passing grade on #2 but I can't remember the last time they acted in shareholders best interest....forget the Shareholders Rights Plan as that may be more to protect Management from losing their cushy job than protecting the shareholder from getting a decent buy out offer.
As for #3 and their latest PP @ 16 cents it just confirms a failing grade to me. In a recent letter to a shareholder (RJC) posted Nov 9th Marc Lee ( Corporate Communications) is quoted "Compared to our peers we are undervalued and hesitate to raise funds by issuing stock at these prices".And "Our immediate goal is to get the story out to the investors and the majors and find ways to accelerate our development both in terms of financing (at a favourable valuation)and operational areas.
Hesitation over, I guess, and the market has voted by dropping SP back to 14 cents. Very disappointing for shareholders to see their company that has so much potential get so little respect and it all goes back to perception of Management.