Thanks for your response tepid, I have never suggested that DP is not a good person or had no skin in the game. Full credit to him for his tenacity and materialising his vision. What I have been saying and reiterated is that he is not the right CEO at this point onwards and we need someone new who can market LMG and also oversee project management of the remainder of stage1, stage 2 and stage 3. The fact that LMG has NEVER met an announced milestone date is testament to his poor judgement as a CEO. He needs to retire now and I agree that he should probably spend a couple of years on the Board as a non-exec Director. His communication ability is not up to scratch for what we need in LMG now and into the future. The reason that the share price is so poor after the recent announcements is because of the poor presentation, a vacuum of information on finances, mis-trust on delivering of when they say they will deliver(professionalism), and the fact that LMG has never delivered anything in the past 20 years on time. I am also beginning to sense an obfuscation of reality when I look at the last few months of Health and Safety reporting, progress on stage 1(see my previous post) and real position we are at relative to wishful thinking. It's what is not being said that concerns me. A new CEO with a few dynamic Board members could take this company to dizzy heights. We won't get to those dizzy heights with the current Board - they are too passive with an insouciance to Company performance. The fact that they have not challenged the CEO on why a milestone date has never been met, no remuneration committee or performance based pay and no communication of the financial plan(if there is one) for remainder of stage 1 are just some of the elements in question. The share price is almost back to what it was before the 13th May announcement which is very telling. Demonstrating a technology for global paradigm shift in the magnesium extraction industry and we are back near 5c/share which will decimate the intended benefits of a badly needed capital raise. Clearly, very little if any thought and planning went into how they would tell the world about this groundbreaking technology and the proof that it works.
I'm a shareholder too, though I did sell a considerable holding in the mid 6's because I new it would retrace back to near 5c for the above reasons. I want it to succeed, that's why I am advocating for change of leadership. In addition we don't have the luxury of time, because the patents expire in 2030. On recent performance we won't get stage 3 started by then which is where the big money will be.
Sorry if I sound negative, but I always call it as I see it irrespective of how uncomfortable it may be for some people. I'm not saying you are wrong; I respect your point of view as I do with others who differ to my view.
Once again thanks for responding, it's through discussion on the difference of views that we get to understand the strengths and deficiencies in the company.
LMG Price at posting:
5.2¢ Sentiment: Hold Disclosure: Held
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