Winter is coming, page-607

I'm with you in that I also believe that the project has potential, which is why I've invested, but I have been disappointed (to be polite) with management and the BOD, and consider them to be an even heavier anchor than the spot price of Lithium.

Whether you think they are good at their jobs or not, and whether you think JB seems like a good guy or not, just consider these three facts:

1. JB and the bulk of the BOD/management team are the same people that ran Altura into the ground. I don't care what the market conditions or their debt levels were (who saddled them with the debt?), PLS management managed to survive (and take them over for a pittance). Altura died when already in production. They are also the management team that has taken Morella (1MC) from $0.07, just 16 months ago, to $0.004 (a stunning 94.3% drop in share price). Past performance is often the best indication of future performance!

2. As noted at the AGM, they are knowingly in non-compliance regarding both corporate and ASX governance requirements, and they simply do not seem to care. There are very few enforceable "rules of the game" in corporate governance, and this BOD has basically stated that they don't really care to play by the rules. If somebody TELLS you they don't care to play by the rules, why would you expect them to? I've seen plenty of other posters indicate that they believe this crew only cares about their own compensation packages, and such a mindset would seem to correlate well with that conclusion.

3. This is the most important one, for me. JB is, and has been for some time, the CEO and GM or Morella Corporation. This is the most ridiculous conflict-of-interest I have ever seen in the corporate world. It's not just that he is the CEO of two separate companies, or even that they are competitors in the same industry. 1MC and SYA actually have a joint venture in Western Australia, with 1MC owning 51% and SYA owning 49% (and remember, these tenements were 100% SYA, and it was JB that negotiated and executed the 1MC buy-in). If it gets to brass tack time viz-a-viz the JV, which company does JB perform his fiduciary duties for?

How can that POSSIBLY NOT be an unreasonable conflict-of-interest?

I can go on about my opinions of management's short comings, but those three are the bigger picture issues that rile me the most.