Is there a rational explanation for paying the present circa 10p for these shares?
What are purchasers seeing as value, when the NAV is probably 3p or less? With no licences and no kitty, so they had better get started with massive fundraising whilst the SP is still up there or the dilution will be eyewatering.
I have never seen a greater premium for expectation. Surely there can't be that number of 'Irish Grannies' out there!
tt.
Ermmm c'mon guys - you can't have it both ways.
Either they are pulling in big bucks in which case given PMG's almost non-existent asset base they will be a drag on the companies ability to pay them. PMG has no revenues to speak of and almost no assets so can it justify paying these sorts of people what they are worth.
Or these guys are not paying full attention to what they are doing because they are not getting paid enough. In which case why rate the stock so highly because of their status within the company.
If you believe TC is such a formidable force in building companies (and I have my doubts) then he is probably worth paying very well but at the moment that is like putting a Ferrari engine in a banger.
So that all leads to the same old problem which is PMG needs some cash or assets with which to work. This signals dilution to the current shareholders of the 608m shares in issue and a lower share price.
ee - as for opportunity cost of being a non-exec. I assume you refer loosely to your role with AEX. I think it was just a few weeks ago on one of the Soco threads (can't remember which) that you wrote that you though "opportunity costs" were pretty much a myth when another poster suggested that sticking in Soco would mean missing out on other stocks e.g. opportunity cost.
I think also having a close ear with senior management and being able to directly influence the companies direction must surely offset some of the disadvantage of not being able to deal during closed periods.
As for the small remuneration for non-execs - I'm not so sure it is all that bad. I guess it all depends how many hours a month are worked but I've heard of many non-exec's attending about 1 meeting a month for their 20-25K/year. Surely not so bad?
Nice to see PMG heading back down some more today - I think we'd all rather see a market which has some sense of placing a price which represents at lease something close to a companies real value rather than what some fools will pay.
Log
