WCN

9.52%

1.9¢ white cliff minerals limited

Ann: Notice of General Meeting, page-28

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Jo007

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25/05/18

12:38

Post #: 33308227
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Originally posted by AndyIgo ↑

Hi JTorres and all,

If you will indulge me for a minute. Imagine that one of the current company directors had bought in shares right at the beginning at say $0.20 and had added to his shares now and again to show willing at least during the many CR’s. One would think that would provide sufficient motivation to try and at least do something to improve shareholder value. Twenty cents down to point two of a cent is an eye watering loss for any investor in my opinion. Now despite many years of managerial effort the company is where it is today. (Not an indication of good management. IMHO.)

If a farmer holding a nice parcel of arable land for ten or more years was never able to grow so much as a single carrot or lettuce I think the tax man would have every right to ask this man if farming was the game this guy was cut out for.

I formed and ran a private business manufacturing mining equipment from 1989 to my retirement in 2009 and I only ever knew of one way to run the company and that was at a profit! You would be surprised how one needs to work and protect his interests when one is using his own money and taking all the risks.

Possibly if I had a wealthy Uncle to turn to every time I made a bad business decision, things may have been different. In this case the wealthy Uncle of WCN is you the long-suffering shareholder and I believe this situation breeds a certain type of manager, one that has long since lost all drive and desire for success.

In my private business I had to make good business decisions and manufacture good products, or I did not eat. Todd and Mike will continue to draw their salaries no matter how they perform providing they can continue to convince their shareholders to support them.

I take the time to explain this to you, so you can understand where I am coming from, when I was the major shareholder of WCN I never asked Mike or Todd to do anything more than I did in my own business. I was once told I should try and run a listed company and see how difficult it was, I replied that they should try and run a private company at a profit and see how rewarding it was.

I believe WCN has some worthwhile assets on their books; however, I also believe you are going to need a serious culture change in the management at the top. Possibly reduce their wages by around 60% and offer them the ability to make up the difference on a performance-based bonus scheme, then you may see some hunger and drive and at least an attempt to increase shareholder value. Until then I guess you can’t blame them for continuing to bluff the shareholders and take their ever so easy rewards.

As always these are just my thoughts and opinions so please ensure you do your own research before any investment of your hard-earned money. When I refer to hard earned money of course I am talking about how you and I make money, not all people find making money all that difficult!!!

Cheers and very best regards: Andy

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Oh Jeez. Is it gonna hit 001?

WCN Price at posting: 0.2¢ Sentiment: Sell Disclosure: Not Held
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(20min delay)
Last 1.9¢		Change -0.002(9.52%)		Mkt cap ! $30.95M

Open	High	Low	Value	Volume
2.1¢	2.1¢	1.9¢	$77.88K	3.863M

Buyers (Bids)

No.	Vol.	Price($)
5	2331227	1.9¢

Sellers (Offers)

Price($)	Vol.	No.
2.1¢	4593531	11

View Market Depth

No.	Vol.	Price($)
5	2331227	0.019
6	2957775	0.018
8	3287794	0.017
9	1811857	0.016
11	5762032	0.015

Price($)	Vol.	No.
0.021	2594597	9
0.022	377350	3
0.023	1349992	3
0.024	2975810	6
0.025	1156165	3

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WCN (ASX) Chart

Ann: Notice of General Meeting, page-28

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