Cheers JS,
I just went through their 2013 Investor presentation and found this gem of a page. Tell me how management still have their jobs? All that has ever happened is that costs have risen and risen. A quick analysis of the below-"Price protected out to late 2015" absolutely correct but what the costs, they obviously were not price protected and all that demonstrates is complete management incompetence! And what the "no surprises" comment, WHAT A JOKE.
I also just had a quick look through the last annual report in the remuneration section to see if we were paying peanuts and I can assure you we are not. The board, CEO, GM and on site Manager are remunerated very very well.
It seems all we are doing continuing the business to handsomely reward Management and Contractors while eroding shareholder value. At Fridays close we are now capped at under $13M
WHAT AN ABSOLUTE DISGRACE.
And to top it off all I can see coming is a cap raising. IMO
Extract from 2013 Investor Presentation
Greenfield development. Profitable under current market conditions-
price protected out to
late 2015 generates gross margin 40% to 60%. Multiple ore sources to draw on. Achieve guidance consistently- no surprises. Organic growth clearly visible. Management bias to operations and development.
Strong value proposition- almost 1:1 on cash flow multiples
MOY Price at posting:
6.0¢ Sentiment: Hold Disclosure: Held
