Hard to believe my eyes when I googled ‘open letter to AOI’ and what pops up is an open letter to AOI from July of 2022.
And - oddly enough the link to the open letter authored by Talmage Adams I seen only 3 days ago suspicisously and inexplicably no longer works....
How surprised and yet not surprised I was that this is not the first letter sent to the board of AOI from concerned investors.
The context follows a similar structure/theme and at least to me this letter like the latest one screams of nothing but common sense.
I found a few posts in reference to this letter on CEO.ca along with Shahin's acknowledgement of recieving the letter on July 8, 2022 at 10:34.
Your message is noted and recorded. The open letter has been received by the Directors. Best regards, Shahin. Here is the next two responses.
thanks a lot for this great open letter! Hopefully you can reach the biggest shareholders to increase pressure on management. They should fear administrative or even legal action against them, if they are not acting on behalf of the business owners. At least they acknowledged receipt. Pressure is growing on them. At least we think it is. If they aren't being pressured by large holders I doubt they are feeling it though to be honest. CEO.CA | #aoi Africa Oil Corp. (AOI.TO) However, here we are and with this letter quite similar in nature and publicly available online.
The fact it was sent to AOI Management 2 years ago implies to me that this Board and leadership team does not have the best interests of all shareholders in mind.
With the market cap being even lower than when the last letter was written, another reason this shows me that this Board and Management team of AOI has nothing but their own enrichment at heart.
If the shoe fits…….
The sky is always the limit when someone else is paying.
Double slices of cheesecake for lunch and full-bodied cabernets for dinner on shareholders backs.
Regardless, if nothing changes without a meaningful share price appreciation by the end of the 2
nd quarter, I most definitely will be winding down my position sooner than later and selling out the few shares that I do have.
As both letters suggest aggressive buybacks are a sure way to get the SP up and not chasing after overpriced assets at a time when your own assets are so undervalued --------------------- and have always been so undervalued…
Absolutely dumbfounding and effing stupid to have a line of credit available that you are paying 5 million a year for to service when you are sitting on 200+ million cash.
Positively effing stupid if in fact you have paid one dime of shareholders money for any credit facility that has not been accessed - or should be accessed any time soon.
Effing stupid.
I can justify having patience with a company trying to grow, but I simply cannot justify or tolerate one red cent of my money being tied to any company or person related to any company that has given me the perception of incompetence, shady, and or dishonest practices.
For some reason or other for at least the last year or two when I think of Africa Oak Island simultaneously at the same time it has often made me think of BRE-X – The Salt of The Earth.
Thinking of them both in the same breath is troubling.
Something definitely stinks here.
GLTA.