The company have never responded, not once, since DW left. I know other people who have never got an email or call responses as well. I find this extremely arrogant and unacceptable imo. I can’t wait for this AGM.
I disagree about the comment that people are over reacting Srood. It’s a lot more than that. It’s fundamentally wrong imo.
What angers me the most is the simple fact they are elected by SH’s. They work basically for us holders in turn, they give themselves an excellent lifestyle and a massive remuneration/shares in comparison to other spec explorers and have forgotten here who works for who here imo.
That terrible RNS wasn’t in the best interest of holders and the market. Certainly would have displeased the broking houses who raised cash for them as many of their SI’s would also be furious with that RNS. There will be big a fallout from this imo.
Another issue for me is how much do they actually invest with their own cash, not much as a true representation of the total board. Only one holds a reasonable holding over all these years. But how much was bought on market like us all with own cash? Not a lot of skin in the game imo. So this RNS doesn’t really affect them directly imo but they choose to irresponsibly impact us. Not acceptable imo.
To me given other similar companies structures this just represents another typical “lifestyle company” imo. Directors who invest own cash send a clear message to the market they believe in what they are doing. Read the annual report and see the actual holdings/remuneration. This concerns me as it should every holder imo.
There is absolutely no reason at all to curtail updates. None what so ever! Who are they to decide this, given that it’s us investors who keep this company drilling, listed and allow them an over generous lifestyle imo. Since DW left they imo have lost the importance of valuing the SH’s imo.
IMO 88 are mismanaging this drill and now appallingly representing us, the market and the broking houses who source funding imo.
Communications are critical and that’s what drives this speculative market and maintain the excitement/risk. Well 88 have officially changed the dynamics of investing now in this company as I now see it. Hope 88 are proud of themselves and imo shows nothing but contempt and demonstrates to me, someone is out of their depth imo and has to go simple as that.
This company under DW’s leadership represented the very best of the investors, we were all respected and his number 1 commitment was regularly communicating to us all. Under this new management style, I seriously question this and imo 88 poorly planned this critical company changing well and I personally feel 88 have again stuffed up big time and feel like they are giving us the bird imo.
The only saving grace is that the overnight markets didn’t massively sell off. 100 mil UK/OTC combined and matched 100 mil on ASX. Next week should get a small rebound and I along with many holders who vote expect updates passing through SMD’s. No way will this poorly planned drill ever reach anywhere near DW’s last well regarding SP appreciation. The company has destroyed this momentum now with that poorly communicated mixed messages in that terrible RNS imo.
If 88 maintain this current path of silence then I say make a stand and show them the door imo. Easier to replace the MD imo and get DW back and continue as we always have imo.
If we all knew 88 were going to restrict updates going through these critical stages, would any of us invested as much as we have. I certainly wouldn’t have. Who will in the future? We expect this as a bare minimum and that’s always been the precedent of always updating holders with every step, of all past wells from IW1 - Merlin 1 wells. Last 2 wells are very questionable to me. Guess what has changed? That’s why I personally want a new MD.
I can only see a replacement has to be found urgently imo. I am not alone after the many calls and texts since RNS release. 88 would be deeply concerned of the calibre of SI and retail investors that have serious concerns also and not impressed as I am.
Time for change and get DW back I say. Have a good weekend guys.
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