I was anticipating this but not so soon. At this time cash is hard to come by & CFE has heaps of it & if executed well the predator can gain control of it for a song. It appears the cheapest way is to get rid of the current board off directors. At this moment I don’t like the vibes I get from Power United & I’ve got a feeling that they don’t sit well with the Russians too but who knows what deal they may strike. Everaz has already once worked over not only T S & the current board of directors but all of us shareholders too. Given another chance what would they do? Would anybody be surprised if Power United does the same? It would be nice to think that a nice reputable company were to come on board but the reality is we are swimming in shark infested waters. Like the rest of you shareholders I’m bleeding from what’s happened in these last few weeks. So who should we vote for? If we think back, if Everaz & Power United never came on the scene, where would the share price be today?... We may not totally like how T S has conducted himself but like us he has put in a lot of his own money in & would like a bigger return on it than is being offered. He knows that these predators are trying to get control of the cash & it’s a good chance it won’t be in our best interest. In haste he’s trying to add value to the company, drilling the sth tenement & Sierra Leone, to make them pay more. Does anyone else find it interesting that African Minerals will get 10% of the voting power. No surprises who they will support. On another point I wonder where MCC will sit here & how they feel about the project in Sierra Leone, are they interested in it? I find it interesting that MCC paid up $80 mil early, there’s got to be some other outworking here. Its probably a safe bet if the current makeup of the board is around in 12 to 18 months that they’ll sell off the Sierra Leone project as well as the southern tenement & give back a sizeable dividend to shareholders. Personally I hope & anticipate the move to remove the board of directors fails & it in turn it forces a takeover bid well north of 75c reflecting the value of the sth tenement, Sierra Leone & not just the cash on hand. I would even settle on selling the southern tenement for a song, selling or forgetting about the project in Sierra Leone & divvying up the cash on hand amongst all the shareholders. We would probably sleep better if it was safely tucked away in our pillow or matrices, that is of course providing you could still afford one. So back to the vote, for a number of us it may be a case not so much as who we like but eliminating who we dislike the most & see who’s left remaining.
CFE Price at posting:
21.3¢ Sentiment: None Disclosure: Held