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Message: Re: Letter to shareholders ?
9
Apr 13, 2012 03:32PM
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Apr 13, 2012 04:42PM
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Apr 13, 2012 05:47PM

I have received quite a few mails regarding my latest post and we had some discussion going on regarding this subject of information and deleted posts as well.

So let me clarify: there is nothing "suspect" going on with Probe and their IR.

When the new BMO report came out, I couldn´t understand why Probe´s "Lead Underwriter" and "Sole Agent" of two (total) $40M PP´s was lowering their expectations for the stock when all other brokers were more than happy with the RE update.

Nobody had an answer here, so I said, I would contact the company and report back.

I asked the same question to Karen and Dave and posted Karen´s reply on this board.

Within minutes I was contacted and asked to withdraw my posting because it was not meant for public discussion. I admitted my fault and asked Agoracom to delete my post, which I can´t do myself because of my President status.

I think, you have to respect, that emails are private conversations which you can´t just post on a public board if the sender is not ok with that. I got permission to paraphrase the contents, though, which I will do now:

Probe´s opinion regarding the company´s status is not the same as that of the BMO analyst.

In terms of their business relationships, they will do future business more focussed on past experience (sorry, can´t paraphrase that more cryptic).

Probe strongly believes in Borden Lake and acknowledges the difficult circumstances for resource stocks. The company sees a bright future once the sector recovers, even brighter than most of it´s peers.

Apart from this, I think, we see the same situation on this board as we had before Borden Lake. People were unhappy about the company´s progress, the non-advertising of their assets and strenghts compared to other companies and about the management and IR.

Once we got the fantastic initial results from BL, the sentiment changed completely and everybody was happy and all the "problems" (RoF assets not valued, LSG JV not followed up, Agnico NSR not happening...) were forgotten.

Until the market went in the bin again and we have seen our share price eroding (again).

In my opinion, Probe has done a fantastic job over the past 2 years, with brilliant business decisions and unbelievable results. Unfortunately, not everything is reflected in PRB´s share price, most of it beyond the company´s control. Yes, there are things, that could be done better or should be adressed going forward.

But, I think, neither management nor IR deserves such a bad attitude of their shareholders, as has emerged on this hub recently, looking at all the achievements over the past two years.

FANTOMAS

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