I too was disappointed with the AGM. I found the total lack of resposibility taken by directors for oxide stuff-up frustrating. I was also hoping to hear a detailed explanation about what went wrong and why. I intend on writing a letter (on paper; may be more likely to get read by the board) to them outlining some points i found regretable from AGM. Things like; 1. WHy no explanation of oxide problems earlier? 2. Comment from secretary about "people not reading announcement" not true. Certainly not true for those who go to the trouble of attending an AGM. 3. Failure to acknowledge any mistakes. 4. If GT knew funds were dumping stock and they were trying to organise an orderly off market buy, why not tell the market this at the time to help people understand why the share price is falling. 4. They say they average an announcment every two weeks but if my memory serves me correct there was a very long period of silence during the oxide stuff-up time. 5. Why were they so dismisive of shareholder concerns and so unwilling to listen? 6. Trying to shut down question time is a very bad look. 7. Monthy reports are now good but how about some more detail. I know not everyone wants the detail but many do. 8. How about we see some reports from these wiz-bang new managers they tell us about. WHat are they actually doing. 9. Given shareholder confidence has been shattered over the past 12 months is would seem reasonable to have a period of intensive openess with the market on all matters. 10. Why did no one on the board realise the seriousness of the oxide stuff-up earlier? 11. You don't speak to shareholders with a terse, dismisive tone of voice. Even if you don't agree.
Basically i came away from the meeting not particularly proud of the board. If it wasn't for the fact that i know CMR has a fair-dinkum huge lot of metal sitting in its earth i would sell tomorrow. However i am a beleiver in the future of this company and just want the board to give me some more confidence in what i believe. Lets hope June is good.
PeeSter
CMR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held