If they were really concerned about shareholder value then they would just sell the company before running out of money for capex, imo. Why are they going full bore until the cash is gone, I mean 38 mil spent in Q1? Pps has only gone down, and number of shares has only gone up. Good thing KFOC sold 16,427,300 shares, ranging in price from about $4.60-7.60 per share back in 10/2010 to 2/2011, or they may actually do something here to save the rest of their investment. Come on Berlin, talk to your former employer and try to get them to do something here in the interest of all shareholders. please.
The obvious solution is a take over by SWC...I am waiting for a news like that and accumulate. But before Languille and Du toit must try other financial alternatives. With Palladium back to 730 they may get some financing but it will be a cost to shareholders unless SWC is involved.
Waiting game now and a gamble 50/50
I emailed NAP and ask for comment about a potential take over but did not get any response yet.
Selling might have made sense but they wouldn't be making management changes if they were going to sell. Debt and equity (perhaps convertible debt) it will be and it will dilutive. Just a question of how bad will it be.