scott leaving, page-22

Hi all
I am not that surprised to see a change of management after the very large cost overruns at Perkoa. I was annoyed as it resulted in giving away a large % of a cash flow that we as shareholders were looking forward to fund further exploration and development of resources well into the future..

29/01/13 announcement all is running well.....no mention of cost over runs
1/03/13. We suddenly have to give away 12.7% of a resource

I don't think we as shareholders were kept as informed as we could have been, these overruns would have been visible in Jan. if they didn't see it then it is poor governance.

If I had unmanaged cost overruns of that magnitude in my role I am sure I would be asked to explore the exit. Glencore funded the overrun but let us not forget they too are shareholders. They want results, on plan, on target and on budget.

We shareholders pay directors and CEO large Salaries each year to do a good job. We put faith and our own personal weath into these companys to make the projects possible, we are justified to expect that our assets are protected and well managed.

As to "He also owns 1.5 million shares in it !!!!!!!!!!!!"
Just out of interest does anyone know how many did he buy and how many were awarded?

I still have hope for this stock and hence I am still a large holder from different levels. No doubt the stock would have been lower regardless as the resource sector declined, but uncertainty and surprises don't help.

New management.....hopefully a new chapter.

Spock.