Hello, CIMA. I appreciate the link to RealityCheck but have not seen the writer to be entirely accurate himself. Perhaps the issue he is focusing on is his own misunderstanding. Given the number of deals in the air for SPE right now, I doubt John Menzies has the time to address something I believe that he himself believes he has already adequately addressed.
Nonetheless, I have been increasingly concerned about SPE's situation over the past 3-4 weeks. Their situation is very complex now, and I don't know how it will finally settle out.
However, the recent appointments of the two new directors is something I find very encouraging. A principal of Endeavour would not allow himself or his company to be publicly attached to a failure, so the fact of his appointment speaks volumes to me about his confidence that SPE will come through this period successfully.
His appointment could be a necessary (albeit not sufficient) part of getting final approval of Mizek financing, or it could mean that Endeavour could be taking down a good portion of whatever equity is in the process of being sold. This may dilute us, unfortunately, but it seems an act that speaks of confidence in SPE's short and long term prospects. Endeavour does not seem to me to have the reputation of being a quick-flip shop.
The second appointment, of a very experienced mining *production* manager, also seems to speak volumes about Mizek financing and getting Mizek into production.
It also seems to me that the two Goldbelt properties make a nice contribution to what could be a very attractive package for a major mining company which is looking to justify doing a JV with SPE. Mizek, Kosmurun, Akbastau and the two Goldbelt properties are, I believe, all in the same area and could all be served by a single large plant. Although I have seen no comment whatever that supports my following thought, I am considering the idea that Endeavour is helping SPE negotiate a much larger, more encompassing deal than they were originally hired for. Thus the extra delays.
Anyone have any comments on these ideas?
Steve |
