That GMM director would be Michael Fotios who was the GXY MD who put together the Mt Cattlin mine and then left in 2009. He was not the MD through the Jiangsu years.
You are talking about Iggy Tan's years. He was replaced with Anthony Tse who was responsible for the solution to the financial mess the company was in post GFC.
If you go back a couple of years in this thread you will see shareholders clamouring for Mt Cattlin to be sold. The company came within a hair's width of disappearing for ever, drowned in debt.
At the end of the Jiangsu era, Galaxy had 50k in the bank and no financial means to borrow the capital to get the mine restarted.
Michael Fotios was approached, at first with a deal to get the mine running with an opportunity to buy it out. Capital was needed urgently. The James Bay tenement was also going to lapse without his money. Keeping this tenement alive was the reason GMM picked up 50% of JB's future.
To prevent dilution in GMM, Michael Fotios extended capital to GMM for the mine start up. I'm not sure of the figure but Anthony Tse mentions in the April interview with Barron that $25m was spent on the plant up to that date. Whether or not they had a plan to merge from the outset is now irrelevant. GMM was the only way that GXY had of turning around and regaining Michael Fotios' knowledge of how to run Mt Cattlin.
You need to look at this again. Without this deal with GMM there would be no Mt Cattlin and no James Bay. Only a tenement in Argentina and no capital. It would have ended there and then.
Instead, the company now has an operational mine that is ramping up faster than expected, is on the verge of clearing all debt and has banked pre-payments for a shipment that is due to go in a few weeks. In the process the share price has risen 1500% in the last year on the back of this and the company is set to retain the important 100% ownership of SDV, the company's flagship project.
Nothing third world about that.
That is a precision execution of a company's financial turnaround that deserves to go down in the books as one of the best phoenix from the ashes stories of the ASX.
As far as accountability - as I understand it - Fotios has never sold a single share of GMM or GXY.
He will become the largest single share holder in the company. His accountability is that of a man who has everything to gain from seeing this company prosper as it embarks on the next stage in its evolution, towards 3 producing assets at just the right time for the lithium wave.
If you have perhaps lost money on Galaxy when it hit the skids post GFC, then I understand why you may be quite bitter - but there are many who have held through those years too and took the chance to invest again when the company started turning around.
Many of them are now doing very well and keen to see this company fulfil its future potential, as I am.
