Yesterday I had to rush to the City of Mammon on ‘confidential business’. But as ever ‘yours truly’ doesn’t miss an opportunity to get the latest juicy news, views, rumours and whispers. Which brings me on nicely to the utter clusterfook that has become Coro Energy (LON: CORO).
Every one who invested (Myself Included) has been spun more ‘tales’ than there are rats in the sewers of Whitechapel. I like the Board, particularly James Parsons (JP), who is one of the good guys. So I take no pleasure in tearing into & ripping the company, but some one has to stand up and read the riot act here to the Management! The whole sad, sorry adventure of Coro Energy has been structured around and loaded in favour of corporates making the money via dodgy finance packages that puts them in the driving seat, when it comes to trading out their discounted stock and warrants! It’s a fooking disgrace and James Parsons needs to step up to the plate and sort the whole, sad, sorry miss-adventure out! Corporate Gang-Banging!
Their Indonesian strategy is woeful. Their RNS of Monday was another self inflicted injury. They totally miss-read the impact of their ‘Euro Bonds’ for Indonesian gas RNS. That’s been their form since day one of the takeover of Saffron Energy and the metamorphosis into Coro Energy. Whether it be executive management swanning around at expensive ‘black tie‘ events (with fireworks) where the previous CEO was prancing around in an evening gown, while all were ‘quaffing & scoffing’ (at the expense of the lowly Private Investor) slapping each others backs after being flown in for the ‘jolly’ on business class flights to be warmly ensconced into five star hotels, as Mike Masterman off-loaded shares on the ‘QT’, it’s been one long car crash.
It’s apparent that the management are about as far away from their lowly PI investor base as a street busker is from a spot at the London Palladium entertaining Royalty. If what I’m hearing from yesterday proves to be correct then Mondays RNS, which was an absolute fooking shocker, a smoke & mirrors Death Spiral financing package dressed up as Euro Bonds’, funded by well known value destroyers Lombard ‘Odious’, then there’s a major kick in the balls to go with the Monday kick in the teeth RNS.
The cash position of Coro is dire. One only has to look at their fundamentals to see that from a healthy €14M Euros as of June 2018 the cash has all but gone. $12M in cash and shares ($8M CASH) spunked on the Bula PSC, $2.95M CASH on Duyung PSC, $2.8M on General & Administration for 6 months up to June 2018 and those figures do not include current liabilities and 7 months of further cash burn, which is at least $2M and that’s being very generous on my part! The head count here is manifestly gross. The balance sheet is a travesty which is why suspicion is heightened when their Broker runs a presentation. When a companies broker organises a presentation it’s for one reason and one reason only. Placing. When a company rocks up to a VOX market shindig that too is an indication of a capital raise. It’s called a ‘roadshow’. and when two London sources tell me theirs speculation of a huge raise then you can bet your last dollar that there’s some thing going on. Glossy presentation brochures aside….
The current whispers on Coro do not bode well for those daft enough to be listening to the horse-shite ‘screamed’ online and on financial Bulletin Boards (BBs), which have been infiltrated by paid rampers and one or two brokers who as I type are rumoured to be lining up one hell of a MASSIVE dilutionary placing! Yes sources indicate that Coro Energy are testing the ‘appetite‘ to get a huge placing away. £10m-£20M.
It’s a shambles! Private Investors are being played for fools….