Hi Mike, you totally mis-understand my posting. I do not rate F&M management of companies very highly. There are many other people who also do not rate F&M management of companies very highly.

 

I have personal experience of F&M with LFD. I bought GKP on the LSE a little earlier than LFD back in 2009 and that has returned a 22 bagger to Feb 2013, with a speculative spike as a 47 bagger last year. De-risked, profit taken and free shares running. Really sweet. Fortunately for me the profits in GKP have covered LFD losses many, many times over. Other shareholders in LFD have not been so lucky and I know quite a few as the Kurd investment world in the UK is relatively small.

 

LFD had a really decent block, with an existing historical discovery. LFD had to make only a single drill to the shallowest target (2,500m) in Kurdistan in the CS block and discovery would have set up the financing for the next drill. Let me provide you with a timeline of events

 

(Marketwire NR):

April 2009 - $20m PP.

July 2009 – Kurdistan CS PSC signed

Aug 2009 – Company grants 6.7m stock options at 47c to officers of co

Sept 2009 – Longford sell Canadian interests for $425k

Sept 2009 – Initial resource estimate for CS 132mmbo recoverable

Mar 2010 – Establishes office and prepares 2D seismic

Apr 2010 - $2.5m placement with significant investor at 65c

June 2010 – seismic continues, 4.6m options to officers issued at 30c

July 2010 – Longford acquire further 20% of CS block

Dec 2010 – CFO resigns

June 2011 - $7.5m PP

Sept 2011 – Cash in financial statements only $527k

Nov 2011 – 2nd CFO resigns

Jan 2012 – 40% interest sold to Genel, for $68m, $42m to Longford. Co proposed 10c dividend to shareholders, subject to approval.

May 2012 – majority of F&M Mgt resign.

May 2012 – Company decides not to pay 10c special dividend to shareholders, although this was the sweetener for acceptance of the Genel transaction.

Sept 2012 – Only $24m of $42m Genel cash remains (Sedar – Financial statements).

Feb 2013 – no further project has yet been found.

 

The company raised over $31m and only managed to complete a 2d seismic in 3 years, but Directors managed to take out $7.9m on failure. Shareholders were left holding the bag and hold it to this day.

 

Sedar

9 months accounts to Sept 30 2012. Expenses related to consulting, change of control and bonuses paid amounted to $5,550,216 to corporations controlled by the Directors. Total General and Admin expenses incurred in this period was $7,875,635. Loss for 9 month period attributed to shareholders of company $14,488,949.

IMO/DYOR. I'm just saying be careful. Look at where your BoD has come from. F&M right through, F&M interests ahead of yours imo.