RE:RE:RE:Despite the doom and gloomcopperplay wrote: ark88 wrote: martindale wrote: Presented here I am still somewhat positive, call me crazy if you like but, 1 Sonoro has met its requirements as obscured as they may be. To our knowledge. 2 the only thing we owe our partner is some shares, they can claim what they want but it has been very clearly demonstrated that they are and have been dealing in bad faith. 3 we didn’t get this opportunity after the budong kerrfukle cause they were handing out scraps.. this was supposed to be compensation of sorts, so I have to believe we will get something of value in leu. 4 our 25% has some value.. how much that’s for the pic manager or the courts to decide. 5 and lastly I am pretty sure despite however much money jimmy has the gov is not happy with him.. do we have enough goodwill/friends in the kitty to make a favorable decision? The contract if it’s solid enough might just give us a golden egg.. a status update would really be nice.. anyway I wish all stock holders the best and yes I have been quietly picking up a few more share in hopes that it will somehow work out.. got my average under .04. Either I will be out some thousands or I will be seen as a genius! I’m hoping to one day be called Einstein! Lol GLTA Invested!
Some rational and common sense for a change. Let me take it one step further. The company has 2 liabilities at the moment. First, the 25% stake of the $74 mil expenditure over 5 year commitment. This I think most would agree we can just walk away from. The second is the $1.6 mil owed to our "partner". Clearly, our 25% stake in Selat Panjang has at least the value of what we owe. But in any case, we are on the hook. The company has to inform the shareholders what they are doing regarding this debt which comes due on November 25. We obviously do not have the money, so lets play out the scenarios shall we? Company issues 19 million shares and we will immediately know this as our partner would then hold over 10% thus rendering them as an insider. This clearly would be a very positive. Whether our partner is pleased accepting the shares is another matter. Another scenario is that we tender our 25% stake and walk away. Now stop and think how improbably this would be. This is basically giving into blackmail. Do you think this is even remotely possible, that executives of a public company would do this and face liability from shareholders? No executive in the right mind would do this. We can lose our stake but management must fight to protect the interest of the company and shareholders. Nothing less and they're open to possible lawsuits. JMHO
Lets see what gets press released on Thursday regarding this. I am one upset shareholder and I would bet most on here feel the same way. We were all told back in 2018 that a JOA with this partner was coming. That changed to 2019 when the block was awarded. That changed to Rhamadan, partner very busy, etc and that changed to when the PSC gets signed. Then when management went to Jakarta to meet face to face it would be signed then...never happened. Then in 2020 I was told we can't lose the PSC, can't lose our 25% and the reserve reports would finally get done. All this time most keep believeing and keep averaging down. Then with a new CEO things would fianally get a JOA, reserves, and start this PSC. All this time nothing was done to add value while they wait for this a$$hole.
Well here we are in December 2021 and none of this ever happened and a 3 cent stock price. What in world are these guys waiting for or hanging on to? November 25th is 2 days from now. AGM coming up and answers need to be made.
This post has nothing to do with the prospects of SNV and is just a general comment about the dangers of investing in stocks on the Venture.
I hate to break it to you but you have noone but yourself to blame for your investment in SNV.
If this is any solace, you're definitely not alone, especially on the Venture, to having "spoken" with executives of the company and conflating that with doing due diligence and obtaining material information.
The vast majority of companies on the Venture have no revenue and as such rely completely on raising funds to keep the lights on but most importantly pay salaries. For this reason, one of the top priorities of any executive of companies on the Venture is to promote the company and its stock. For this reason, most if not all the executives on the Venture will answer calls and reply to emails.
Copper, what did you expect that they would say to you? That they were facing difficulty? They don't know you from a hole in the wall. I'm sure you felt really good every time you got to 'talk' with these guys. Am I right? So, even when dealines came and went, you got a good feeling from speaking or receiving emails from them, so you kept doubling down. Am I right?
I too went thru this but thankfully it was awhile back and I lived to invest another day.
Lets hope that SNV will be an exception to the rule and pull a rabbit out of the hole.
Good luck to us all.