The incompetence of the previous board is unbelievable.
But i'm actually not very happy with some of what the new board is doing either.
Firstly, we are no longer operating in Liberia. So, we are hiring a legal team to deregister our subsidiary and remove ourselves from the country altogether. But why now? At a point where we need to focus on our Lithium deposit, we are off spending thousands of dollars working out how we can ensure our books are clean in Liberia. WHO CARES???
Then we are charged 500k for a corporate review that has been indulgent in every possible way. It appears as though they have searched every nook and cranny to create billable hours. Highway robbery, and we are the ones paying the bill.
They have decided that on top of their exorbitant charge out rates - and they are exorbitant - they will also award themselves 2.5 million options EACH. 45c exercise price is ok, but the vesting conditions are far too open. Directors working in this company need to be paid salary, not per day. This should be one of the resolutions at the upcoming meeting.
It also seems that we are intent on mucking up our own bloody gold deal, which means that we will lose the upcoming 1 million payment as well as a share of future royalties. Kiss the gold goodbye.
All I see is premium cost, legal and taxation advice gouging this company over the next six months. PwC, directors, legal teams and consultants will be the ones making the money here.
BGS Price at posting:
22.5¢ Sentiment: Hold Disclosure: Held
