People are expecting an OEDV here. Plain and simple. They expected revenue and cash flow to promote the fundamentals, to get to the next well, to drill the much hyped VM resource. Without a doubt, every R/S is sold to investors under the guise of it will move us into serious institutional buyers and away from manipulators. R/S usually result in a drop in the SP. LODE is one exception where a R/S was done and the price went up further and has been resonably maintained over time. Look at Sandstorm, v.SSL. It's R/S has all but killed the dream of going from .82 to a Silver Wheaton valuation, and the idea of a huge multi-bagger.
Sure a R/S helps a company. No company would engage in one, if not true. But R/S's haven't helped retail investors acheive what they want most, that hundred bagger.
So what does? Enthusiasm. When LBSR ran from .002 to .17, that was what all retail investors hoped for. When OEDV and a few other notable drillers ran huge...that there - Tony Mason - is what investors naturally expected, with each step taken by Worthington to develope the known fields.
My question to other posters and to Tony Mason is what obstacles are there that prevents a promising company like WGAS from running like OEDV? Is it just too different in scope, or is there a complete lack of confidence that the revenue and management can't or won't ramp up drilling and production?
I see huge numbers for insider ownership. A proposed R/S is either a ploy, a toe dipped in the water, or just a quick way to get to a certain end point for the company.
But R/S usually don't mean anything to retail investors except dumping and looking for the next OEDV. Are we satisfied with a ten or twenty bagger? Some would say yes, but much like fields are company makers, we want companies like OEDV to be life-changing event makers.
Is Worthington capable of that? A proposed R/S creates the doubt. The huge volume would usually be positive as shares get locked up. Here it looks like people preparing for a reverse split. And sure the company can still give us a nice return. But they are inferring in very plain words that they likely won't be OEDV and go from .015 to 1.40 or thereabout. (And OEDV isn't done. How did they pull that off?) Moreover, taking these numbers as an example, then 1 for 10, we would need the company (OEDV in this case,as an example) to be worth $14.00 to see the gain that we all perceive desirable.
The issue becomes how many domestic drillers can get to double digit dollars, and will it trade enough for anyone to reap the reward. If Tony Mason and company believe this possible......well, .008 to double digit dollars STILL appeals more to the retail investor, regardless of the "soundness" of a proposed R/S.
Perception on pennies remains "make me a millionaire." That is why anyone bothers to take an interest. If we chased 3-baggers, that sounds great, but hardly are we interested in anything but flipping, 1, 2, 3, 4 times to acheive the same return.
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