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- 2 February 2006
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Part One of Two - Have matters improved since February = No!White Energy has been my biggest embarrassment. Well and truly collapsed and the Chairman/CEO was once one of Australia's richest mining people. Shows how great success at Felix Resources a 65 bagger from 2003 to its high point in 2008: Can turn into a share that falls from $4.20, including a 1 for 30 consolidation, to 0.13c - a fall of 99.69%.
Am I phased by all this? Certainly, I am. Have I given up? Certainly not!
So I have in the last 6 months gradually added about 100 times the number of shares I formerly held. This worked very well four times before but failed on three occasions.
Sometimes it is foolhardiness combined with outrageous risk-taking and partial insanity that is the order of the day.
Our Board
www.whiteenergyco.com
Did WEC eventually get any cash from its long-running Arbitration sort of Victory = No!
Somehow they snatched financial defeat from the jaws of victory after 13 years of going through Australian courts and Singapore Arbitration.
Did the Board of Directors resign = No! - The Chairman retired aged about 90 years. Did he buy more shares = Yes!
Is noirua holding a big financial paper loss = Yes!
Did noirua sell all shares owned = No!
Did noirua buy loads more shares increasing the paper loss = Yes!
Now what? Well this is the Website link so one can peruse it if you are up to it: https://www.whiteenergyco.com/
Further, WEC invested many $millions in a coal venture in America called Mountainside that looked just great. Unfortunately whilst producing excellent wanted coal they struck hard rock and that brought production to an end. It was sold for a big loss and worse followed as they have not received all the cash as yet.
The latest rights issue was at 4c a share and the directors and former directors bought a chunk of them and now own most of the company.
Are the directors rubbish = No! They are among the most experienced coal mining men and Chairman/MD Mr Brian Flannery a former director of Felix Resources amongst the very best. Together with the former Chairman were very successful with a new technology Power Station in South Australia.
At this point I stop for the time being so consider this as Part 1.
