resignation of chair, page-15

Thanks Iani62.

Thinkng about it though, as the recently departed Chairman owns 40 million shares, she would have not been allowed to use these vote on resolution six, though she would have voted on all the other resolutions, so that accounts for 40m of the 60m. I wonder who the other 20m was? Possibly a director? Perhaps the MD? I shal have a look at the top-20 list.

I believe that the ex Chairman was actually there for two months, not one, and put in a lot of her own money - hence her ownership of 40m shares. She didn't buy these on market. She contributed funds to the company - backed them with her own cash when the share price was at rock bottom and maybe nobody else would. Thus she was integral to their present success, and they were actually spending money out of her pocket when they drilled this hole that has caused all the excitement.

That is no reason to give her another 20 million shares at half the (very recently elevated) market price of course, but I would think there must have been some sort of pre-existing agreement re the placement for her to have that expectation, no doubt made at an earlier time, long before the present excitement could have been anticipated.

Clearly she felt sufficiently aggrieved to resign on the spot. But there may well have been other reasons behind that as well.

I for one will spend the next few days thoroughly researching all the parties involved.

(Again none of this is investment advice and I am not an investment adviser)