Guyana Super Pit Discovery, page-109

Constructive Ramblings & the potential of modern day professionalism.

Wonder what wonderful surprises the AGM will have for shareholders this year?

If I recall correctly the Annual General Meeting last year was @late November & there were several decisions to be voted on. The usual suspect - remuneration was there amongst them rearing its somewhat enlarged necessarily evil ugly head so to speak.
However - amongst the proposals, one sneaky, a somewhat un-noticed or unspoken about villain that lurked at there on that day beneath the shadows was presented in the form of the suggestion - oN behalF oF thE BOD - (the professionalism of such) that played to the tune of something like;

" the BOD recommends shareholders vote YES to ALL proposals put forward within the AGM etc".


Elaboration -
TROY RESOURCES LIMITED27 November 2017
RESULTS OF 2017 ANNUAL GENERAL MEETING
Troy Resources Limited (ASX: TRY) advises that at its Annual General Meeting held today. Resolution1 was carried while Resolutions 2 & 3 were not carried. Voting was cast by a poll in respect of each resolution.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10
0	Resolution	Resolution Type	For	Against	Proxy's Discretion	Abstain	For	Against	Abstain *	Carried/ Not Carried
1	1. Elect Peter Stern as a Director	Ordinary	73,456,032 58.9%	48,632,886 38.9%	2,784,665 2.2%	794,343	80,983,433	74,832,886	749,343	Carried
2	2. Adopt Remuneration Report	Ordinary	62,563,961 53.9%	50,835,791 43.8%	2,784,665 2.3%	1,453,442	65,409,766	77,035,791	1,453,442	Not Carried
3	3. Authority to Place Shares	Ordinary	41,035,209 33.1%	80,360,099 64.7%	2,784,665 2.2%	1,487,953	48,562,610	106,560,099	1,487,953	Not Carried

Business is business around here, No Pay Cuts we run this show! TRY it on the Shareholders!
F*** - who said that?
So, the 50,000,000 new shares to be opted @ 80% of the going rate at the time to raise capital to assist in the paydown of debt, operations of the operation, and to feather any nests that need warmth for the winter. November 27, 2017. Such cynicism I heard him say.

Lost in Space
Collective Wisdom may seem to have prevailed in this instance given the current position and here's to looking back. Get out clause - take nothing for granted!

The Politics of it all -
Maybe Eduardo & RIM aren't just useless troublemakers or political cannon fodder for the masses as they may have held a significant portion of the decision-making capacity that contributed toward the maintenance or plainly with-held shareholder value?

Go Figure -
With consideration to the management credentials at the time and the intended course of action or direction by the then said Directors(which are not to dissimilar to the directors of the current directive), one may consider how it came to be that such a proposal was enacted, on what basis was it prepared and were there alternative (preferably NON-DI-f****n-LUTIVE) options available?

The nature of Repetitive Behaviour -
Given the perspective of shareholders at the time & combined with current perspective which intentionally includes the hindsight perspective, it seems, the potential is there to perceive as though there WAS(currently ARE other options available to the non-detriment of shareholder value in such instances ) other options available to the non-detriment of shareholder value in such instances than dilution of shareholder value, do I have to repeat myself?

Wasn't Me in Denial -
I will stand corrected, entertaining the role the messenger awaiting execution, the limb gone out on invites attack of the highest available order, whatever anyway the potential of evidence may reside there in the pocket of the resulting reaction, which is to offer suggestion that a similar reflecting query lurks in the shadows in place of the BOD’s 50,000,000 unit attempt at shareholder dilutive proposition.

What choice was there is the $50,000,000 question, how did it actually play out? -
- presents itself in the form of the obvious;
Unnecessary intention to raise capital resulting in the diluted effects, hindsight provides the unnecessary aspect.
Wheels and deals were done, the power was brokered where it was necessary whether it be the trade creditors, whatever, point being there was an alternative to raising capital @Nov 17.

It is what it is –
All that raved, similar times may be present and likewise the behavioural issues of the past, or other, are hopefully learned from and not simply a default mindset for the present and future. It appears at face value that in order to maintain this rust bucket all that was needed was some effort on behalf of the power brokers, obvious to the naked sense, which brings a really BIG query to the front of the shareholders queue in regard to the actual mention RIM made of the “entrenched” nature of the behaviour of the stooges at the helm. Maybe there were ulterior motives on RIM’s part but in stating this, it is possible they brokered or at least significantly contributed to the present outcome, intentionally or other, which as I mentioned previous maintained this level of shareholder value as opposed to the Directive at the time – Nov 17 and the capacity of the BOD to deal with circumstances of that nature. (maybe a pay rise is required in order to motivate the potential – I don’t think it is that)


How does the defendant plead?
During the RIM takeover episode, given the incumbency of the stooges I gave my votes to them based on that cornerstone and let them know it was for that reason. It would be interesting to gain an understanding of the stooges/BOD perspective on how that played out or is playing out and the reasoning behind the proposals in the face of how things actually have progressed to date.
If it is true that this process is playing out as outlined, it has the potential to affect the confidence levels in the BOD from a shareholder perspective as a reflection of the decision to attempt to raise external funds rather than deal with it internally if the option is available.
Is there/was there an inability to realise options available, was it easier or more convenient and likely simple measure to seek external funding or was it necessary to reach that point in order to influence operations creditors to wear the burden?
This query is seemingly an important measure of capacity in examining characteristic behaviour of the entity or engine room dynamics moving forward.

Positive End Notes;
There has been reasonable management at face value since that point of @ Nov 2017 and if the news is to meet the target of September Quarter repayment successfully, however they need to broker it, it may restore a wee bit of shareholder confidence in the BOD and their capacity to manage and maintain shareholder value, especially for the long-term holders.
28, 29, 30 – Go the Troy management, fingers crossed…

Go the Gold Price…