Reservoir Capital Corp in tough position with Serbia projects financing
, NewsReservoir Capital Corp. (REO:TSX.V 0.085 x 0.10)has replaced its president, and announced delays in completing its annual financial statements, a disturbing sign given recent developments and lack of cash. Reservoir had a letter of intent with an Italian company to sell its Brodarevo hydro project in Serbia, but the acquiring company failed to complete its due diligence during its exclusive period. The LOI has now expired and Reservoir said it was now working with other companies that had expressed interested. We are holding-an acquisition or other deal would see a multiple on the stock price-but the company essentially has no cash and needs to complete some transaction in the near term. Worst case is that Reservoir becomes a shell, with a strong share registry and a management looking for a project. We are holding but absent news are not buying.
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