Going off the X64 website there were maybe 5 directors?
Now there are 3.
Recently Brown and Milbourne have resigned. Maybe because they illegally trespassed on the mine? I wonder what repercussions that little visit will hold? Ryan Welker went there as well. They actually posted pictures of the dodgy dealings (which they have since taken down). I saved them for your viewing below.
The 3 remaining directors = Debra Anne Bakker, Johnny Decooman and Jonathan Shellabear.
As stated in Josephs email to shareholders it seems that Vitrinite X64 was unable to secure Director liability insurance. They had 3 options and chose the safest (for themselves) which was to throw
X64 into voluntary administration. This is unethical because now they’ve simply had their feet up getting paid nice salaries doing nothing.
Doing nothing. Debra Bakker seems to be good at doing nothing. Just this week Debra Bakker was removed from the Carnarvon Board. https://carnarvon.com.au/wp-content/uploads/2023/12/2659669.pdf
The share price subsequently rallied 20%. It seems they have been trying to remove her for a while judging by this article. https://www.energynewsbulletin.net/...ive-agm-leaves-carnarvon-management-red-faced
Also, previously of note Debra Bakker was removed from the board of Capricorn metals along with none other than Jonathon Shellabear (our current Vitrinite X64 non-exec). Looking back at the March 2019 CMM share price, it rallied hard after Debra and Jonathon were removed. Both were removed due to lack of progress at the Karlawinda gold mine. But also of note some more dodgy dealings from the link above:
“When the writing was on the wall that shareholders would look to replace the Capricorn board, Bakker controversially appointed a managing director to Capricorn on an annual $450,000 salary with a break-fee of about $100,000 just a matter of weeks before she was dumped by shareholders, Nero told fellow shareholders. “
It seems there is a trend here. I hope the last of them do the right thing and resign. Hand the reigns over to more suitable directors who can actually obtain director liability insurance.
How can you even call yourself a director if you can’t obtain insurance for yourself? That should be step 1 in the director for dummies book.
X64 Price at posting:
57.0¢ Sentiment: Hold Disclosure: Held
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