Some interesting discussion on here regarding the changes at SYR. I don't have time to go into a lot of depth, but as a long time SYR follower (and holder) I see their ongoing transformation from an Explorer into a Producer as a good thing. I know people here are casting a lot of doubt over certain things be it from the timing of recent appointments through to Tolga running the company and what have you... It is still a work in progress for sure. But I commend them for realising that there were a lot of changes which needed to occur in order for them to turn into a large producer. The recent appointments are excellent in my opinion. They are bringing on board people who are highly experienced. I realise progress seems to have been a little slow (people are champing at the bit for the DFS to be released and to hear announcements of binding off-take agreements), but none of this happens overnight. It all takes time. And it should take time - so it happens properly.
A good solid announcement from the company this morning. So the share price is down. People are impatient maybe. Who knows. But I see the long-term for SYR as extremely favourable. They are making the right moves.
Regarding PK the following was announced on 25/09 (and there might have been other stuff announced too):
"Tolga Kumova (co-founder of Jacana Resources and current Executive Director of Syrah), will be appointed as the Managing Director, effective from 2 October 2014. Paul Kehoe (co-founder of Jacana Resources and current Managing Director of Syrah), has chosen to stand down as Managing Director from the Board on 2 October 2014. In addition to family reasons, Paul believes that a thorough and in-depth understanding of the graphite and vanadium markets is critical for Syrah’s next stage of development. To that end, Tolga’s commercial knowledge and extensive relationships in the graphite and vanadium markets is an invaluable asset and makes him the logical successor to the Managing Director role."
That might seem like a bad thing to some, but I totally understand it. I'm in a very similar place - I founded a business a bit over 10 years ago. To be honest I probably should have got out 5 years ago as I am not the right person to grow the business into what it could be - I have certain skill sets, and others not so much. the right person could bring explosive growth to my business but that can only occur if I get out (as a bit of a micro-manager if I remain I would hobble such growth). Not to mention that the family would probably be very happy if I weren't working 70hrs/week anymore!...
So... I see no reason why the departure of PK is necessarily a bad thing. He is moving on to things he knows better. I think that takes an element of courage too. Sure, he has dumped a lot of shares, but there's no reason why he wouldn't want to take his $ to other business interests. His job isn't to prop up the SYR share price for us small holders - his 'job' is to do what's best for him. Brutally honest, but that's how it is.
I realise people are getting frustrated with the dropping SP. I for one would love it if the price was back @ $6. But the current valuation is probably something more appropriate for an emerging producer. So, in a nutshell I think SYR is dong the right stuff. Hopefully over the next couple of years this will convert to some nice returns for us holders.
Just my 2c...
(20min delay)