vote against adopting the renumeration report , page-7

Hey Ivan & Auto
I asked Mike about a buyback and or dividend on October 13 (share price was 25.5 cents on this date same as now).

This was his response.

"Buyback or dividend not on the cards at the moment as we have previously and consistently stated. We require our cash to fund future exploration programs and giving it away at this bearish time would be funds management madness. We have always stated that we will pay a fully franked dividend once we have sufficient production backing that a dividend can be maintained.

Share price is frustrating and we are concerned. Note however that we do not manage the share price – we only manage the assets in the company. Share price is determined by investors – if the weight is on the buy side, price goes up and vice versa. We do face the risk of a takeover bid at these prices but that is an unmanageable risk.

We are pleased that you are a loyal shareholder and we believe the company has a bright future and it is currently in its strongest ever position (internal assets not share price)".

I commented that when net assets are worth 115 million and market cap worth 67 million, it would be good capital management to do a buyback and I was more disappointed in the company not taking advantage of the opportunity to buyback at these prices rather then current shareprice as not his fault the market is crashing.

He said

"Don’t disagree with your comments on buyback – just now isn’t the right time".



ANYWAY
Just letting Auto know especially as he is deciding on his resolution votes on the basis of a chance of a buyback. I think this will tell you to vote against both resolutions auto. I hope it does anyway LOL.