Addax Petroleum (fka AXC)

[manuel06]

A company should not be looking at it's minority shareholders for bail outs. Having a plan that doesn't mooch off shareholders on 1 hand and from the other NOT hurting the same shareholders because they have no other plans. Take a good look at SIMBA energy, they were in the same boat as ERHC but have landed Essel from India who have acquired through negotiations, 60% of Simba's whole and Vast Portfolio and a total carry on everything. This is what smart management does when times are lean...NOT Rape their shareholders and reduce their percentages of their holdings. Simba holds 30% of all their existing portfolio with virtually no financial risk going forward.
this is what reputable management does.
I don't want to sound like the 3 Amigos from the ERHC board but..Shareholders should not be blamed for managements inadequacies. I also bought in triple Zeros but that doesn't change managements blame and that should not be put on the backs of shareholders'. Simba has placed 2 Essel big guns on the management team....maybe that's what ERHC is afraid of... sharing their golden goose paychecks or getting ousted by better management.