CPN 0.00% 0.6¢ carpathian resources limited

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  1. opt
    193 Posts.
    I've been stuck with this one for too long. The directors managed to place some stock this year and dilute our holdings by 15%. Then the rights issue to raise money for drilling a new well, which has not happened. A truly embarassing EGM with board infighting, accusations of slander, and who knows what else behind the doors. Now all the money raised has gone to administration and they have have to look for some more funding.

    Net effect is a board that has given themselves a lengthly management contract, sloshed away all the money they raised this year and plan yet more share dilution to do the things that they've promised us for too long.

    This company has some interesting assets but the board and management structure is in severe conflict of interest. The only bright sign is the new chairman who seems to have a pedigree and is making the right noises. Unfortunately he was probably appointed by the existing board/management team which probably means business as usual.

    Typical small oiler story, jobs for the founders, excuses for the investors, good asset , poor management.
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