A very good tactic to put the ball back in my court - I like it!
I live in hope. Last month, the respective Boards of MGY and OEX, both moved to change the management and expertise structures by adding appropriately qualified staff to address those areas of operations that had recognised shortfalls. In the case of MGY, nothing was happening on the exploration front, excluding those in the JV arrangement. It was evident that MGY management (Board) had no plans to progress and develop those projects with the potential that had early investors (like me) interested in being on the share registry. Clearly, the growing voice of the shareholders and the knowledge that we now had some powers to spill Boards, has IMO prompted them to reactively rather than proactively extract the digit and move to earn at least some of their remuneration package.
MGY has appointed a team of experienced exploration consultants (OMNI GeoX) to review and report on the four prospective exploration projects. The report is due about now.
I am hopeful that the report will provide sufficient justifications for MGY Management to fund those identified and required activities that will progress one or more of the projects through the development life cycle to production.
I am sure that there are many shareholders, like me, who have been concerned about the one horse strategy that MGY has presently in place. Should the JV not progress then MGY would exist in name only.
The imminent report from the consultants MAY give MGY a new lease of life - time will only tell.
OK that is my rant for the day
Cheers
R1
MGY Price at posting:
4.4¢ Sentiment: None Disclosure: Held
