Bob, they got ahead of the game in Spain OK, but don’t forget - they got hit with double or even ”triple whammy”.
Price of gold failing to almost $1200, loan difficulties and FQ request to do additional work.
Taking this under consideration I would like to believe they learn their lesson and Q2 production will be back and PDI will be doing even better.
Combine that with possibility of solving DB loan - Petaquilla still look good for me , specially if gold comes back next year.
But let put yourself in Philip Pascal shoes, why would you want to buy Petaquilla?
You (Philip), you behind the schedule with Cobra,
you don’t have too much money to waste and you definitely want nothing to do with little gold operation,
you will have plenty your own as by-product.
The only thing you can use is PDI.
But Petaquilla already proved to you that they will abandon their own needs and serve your interests first, so why deal with headache owning small construction company if you can subcontract them- #1.
#2 - it is my (Philip’s) policy to get along with local government and local contractors, so no hostile takeover will ever happen.
#3 - how much PDI stand along even cost?
Why should I go thru BD and spend money on more BS, I like the way things are:
“Richard, can you send a few trucks here for a few days? Thanks.”
Petaquilla will be fine. A lot of good news in a pipe after warrants.
