replace current management, page-524

If us shareholders do our bank on this stock, which will happen if LNP lose early to mid-next year in WA and we get around another 4 years of this nonsense and holding patterns, then I definitely think there are grounds for a court case against management. They definitely made calls against the best interests of the business, and as far as we can see, they actually look quite shady and deliberate.

Here are my theories:

Theory 1: They wanted to keep the lifestyle management gig alive. Guarantee an easy few years of limited work flow. We know that if substantial commencement took place, then management would have been doing 12-hour days minimum, with everything involved when there is a clear path to mining. Imagine all the financing, construction & contract talks, stakeholders, policy issues & governance. That is a huge can of worms and very complicated. RH already has his hands full with other entities, some he's even pumping his TOE salary into... so there is no way he could have dealt with actual work -meetings and all the media gigs which would have been forced onto him with a path to U mining. This theory is the most likely IMO.

Theory 2: The Japanese investors forced managements hand to prevent any substantial commencement. Any calls from the Japanese investors would be Japanese government related and there may be complexities involved there. Perhaps in relation to timing or contracts etc. Maybe it was not the good moment for the Japanese? On the outside it looks like it is the perfect moment, just before the U boom had its next step up and just as the Japanese decided on accelerating Nuclear reactor construction. However we just don't know what is going on in the inside. Maybe there were issues with the timing and they wanted to keep Lake Maitland in the ground for now.

Theory 3: Mega Uranium forced managements hand to prevent any substantial commencement. This has a little strength because of RH's exposure to Mega Uranium. He obviously knows the insiders well and how the business operates and is well connected and in constant discussions. Do Mega Uranium want to grind down the share price and snap it up for a song at some stage?! Big questions and calls but its possible.

As I keep repeating, Shareholders can legally vote to give RH a first strike, which makes it a lot easier getting rid of him at the next meeting. We only need 5% of the vote. First, we need to get enough retail holdings together to get to the 5% then once the first strike is done, we need a suitable replacement. Which shouldn't be too hard, anyone could do a better job than RH and would probably accept a salary half as much too!