Australian (ASX) Stock Market Forum

FAR - FAR Limited

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peter2 said:
Thanks for the heads up on FAR @Miner . FAR is a company in my never to e traded list due to the humongous number of shares issued.
However, this news is very significant. FAR has decided to sell it's MAIN asset. How can any company continue without it's main asset?

It's no wonder the EOFY auditor included a disclaimer. This will be interesting and I'm happy to be on the sidelines.
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If the goss on the Tavern comes out to be true then belt up- FAR could be bankrupted due to high default. Unfortunately that also means my locked money on FAR is going to drain.
You are very far sighted @peter2 - should have paid more attention to your post - too late now
Any one has a better and positive story otherwise, please do share.
 
Miner said:
Looking back on your post - it is only downslide to under ground - belly up
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Warning bells in announcement on 27th August, a month after my 8 word post....

"FAR remains in default of its payments to the RSSD joint venture, with the effective date of 23 June
2020. The June, July and August cash calls are currently unpaid and total US$28.2M.
The interest accrued to date on these payments is US$0.07M. As at 31 July 2020 FAR has cash of US$63.4M. FAR has 6 months from the date of default to make good its payments (plus interest) to the joint venture to come out of default."

I have no idea of their current position, never held.

Maybe it's a case of join the far que hoping for your money back.
I hope for your sake Miner that you recover some funds.
Woodside may come to the rescue?

The life of speccie stocks... hard and fast, balls to the wall.
Get in and get out. There not hang around and see material, generally.
Bottom drawers suffer termite damage.
Wins need to be locked in quickly, and losses even quicker, to keep them small.
 
frugal.rock said:
Warning bells in announcement on 27th August, a month after my 8 word post....

"FAR remains in default of its payments to the RSSD joint venture, with the effective date of 23 June
2020. The June, July and August cash calls are currently unpaid and total US$28.2M.
The interest accrued to date on these payments is US$0.07M. As at 31 July 2020 FAR has cash of US$63.4M. FAR has 6 months from the date of default to make good its payments (plus interest) to the joint venture to come out of default."

I have no idea of their current position, never held.

Maybe it's a case of join the far que hoping for your money back.
I hope for your sake Miner that you recover some funds.
Woodside may come to the rescue?

The life of speccie stocks... hard and fast, balls to the wall.
Get in and get out. There not hang around and see material, generally.
Bottom drawers suffer termite damage.
Wins need to be locked in quickly, and losses even quicker, to keep them small.
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Thanks @frugal.rock for good stats and wishes.
The rumour of FARv getting bankrupt has come to me from Woodside corner ÷ which is very near to few pubs.
It reminds us always to do hard research and not to be impulsive or fond of any stocks.
 
With the deal done with ONGC (largest publicly traded oil and gas natural commission in India) with the Senegal asset folloing shareholders meeting in December, FAR could be coming in the market for trade. Lots of dumping expected from impatient holders and some sale from opportunities buyers with significant cash $100 M is still reportedly with FAR (see the report - I could read wrong- an apology in advance for erred reading /interpretation).
Personally, I want to dump unless now to Dec meeting market discloses something else :(


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If anyone wants to know what a genuine chart shape called a "falling knife" looks like, this is the company that illustrates it perfectly.

FAR falling knife again.png


...and from earlier days....

far falling knife.png


and here is an old chart of FWD back in 2013 when it suffered a falling knife, it never recovered. This is a very dangerous shape and although on rare occasions it may rise from the dead, mostly not. I have had it happen once to me. I cut my losses and moved on.

falling knife.png
 
Those with sharp eyes may notice the old chart for FAR shows a price of 0.082c as the closing price of the first falling knife now you may see the closing price of the second and most recent falling knife was 0.38c. Surely this price has risen you say? Well no folks, while this nasty, nasty little stock was sitting in a trading halt, they announced a consolidation of 100 to 1 shares taking effect on the 24th of June 2021. You were not even able to sell before the consolidation date as you were locked into a trading halt. For those not aware of what happens, imagine holding 10,000 shares, then poof! It becomes a holding of 100 shares. Has this happened to me? Sure has! Suck it up and move on...But the hate for this legalized theft still rankles. I try not ever to buy shtty little penny dreadful these days, I learned my lessons well.

I notice today there are folks out there trying to catch that falling knife...:(
 
Decade monthly chart - strong volume, small candle bodies suggest accumulation?
Don't follow but noticed a ticker rise of 16% yesterday. Checked out a smattering of gossip on it and the drift I get is that they are liquidating a big asset for milestone payments and along with cash in bank the stock is a modest cashbox. Have exploration asset or two that are not being counted? Management is on the nose with punters as wasteful non achievers.. Surely the oil price would also be helping?

Not held
Not buying

Monthly
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Not something she will be including in her CV. Terminated and the share price is up 15%.

FAR Limited (ASX:FAR) (‘the Company’) an independent, Africa focused, oil and gas exploration company, advises that Catherine Norman has been given notice of termination from her role as Managing Director, effective immediately and has resigned as a director of the Company.

Commenting on the executive change, Mr O’Connor said: “The time has now come for a fresh perspective to ensure the Company explores every opportunity to realise value for shareholders. On behalf of the Board I’d like to thank Catherine for her significant contribution to the company. The Board will update shareholders shortly on its strategy that seeks to reflect the underlying asset value in the FAR share price.”
 
Country Lad said:
Not something she will be including in her CV. Terminated and the share price is up 15%.

FAR Limited (ASX:FAR) (‘the Company’) an independent, Africa focused, oil and gas exploration company, advises that Catherine Norman has been given notice of termination from her role as Managing Director, effective immediately and has resigned as a director of the Company.

Commenting on the executive change, Mr O’Connor said: “The time has now come for a fresh perspective to ensure the Company explores every opportunity to realise value for shareholders. On behalf of the Board I’d like to thank Catherine for her significant contribution to the company. The Board will update shareholders shortly on its strategy that seeks to reflect the underlying asset value in the FAR share price.”
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Hopefully there will not be any court case on unfair dismissal too to strengthen Catherine's CV for next job;)
 
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