Midwest
After seeing all these posts, I called Tracer yesterday, and was told a lot of things, a few of which you all may be interested in.
First, for the now on hold private placement, Steve Jacobs and Ed Mowatt were going to put in a sizeable chunk of the 600,000 not attributable to Robinson. If these men are willing to put up this kind of cash, it tells me that they are very optimistic on what the company is working on. Sounds bullish to me.
Second, I learned that Ed Mowatt is going to Jakarta next week. If the CFO is travelling to Jakarta, I would assume the company is very serious abou something they are working on. I was also told that they are feverishly working on having a property signed before the meeting. This is their top priority now.
As for the comments about the company not having the contacts, put yourself in their position. They need to make a deal that gives the investment community confidence in them. The properties under option would do that. I also learned that they can accept 1, 2, or all three of these blocks. They are not a package. I believe they are also looking at other blocks, some of them a lot larger. This is where the rollback would be to their benefit.
As for these big institutions, if Tracer were to sign a letter of intent on a large property, and it was a good deal, I don't think any of them would rule them out. I remember being told a long time ago that these institutions wanted them to do a rollback. They resisted this, hoping they could land a property, and raise the stock price, and get a national listing, saving the shareholders the pain we are now facing.
I have a large position, and a move over $1 to me will make me extremely happy. I also will vote for the rollback, because it seems the company has a lot in the pipeline. (no pun)
If anyone thinks the price will tank after the rollback, keep in mind the company will be drilling Ngurit 2. Would you sell while in the process of drilling?
Pete |
