head for the life rafts, page-7

Following is my email to Michael Weir. It is self explanatory.



Michael,

I am sending you a copy of a posting from Hotcopper which I think you should read and absorb.

It seems to me GBG staff, yourself included, are living on a different planet to those of us who are worried about the prospects for GBG. For you GBG might be a job, keep the bosses happy, don't rock the boat, dish the spin.....I don't know. However for me, and for many of many other investors, GBG means such things as whether the kids will get to boarding school; when can we take a holiday; how many more years until retirement; how do I explain this loss to my partner.......this is reality.

Lives, not money, are invested by many in GBG and it seem to me this escapes you and those to whom you report. You seem to treat every one as a portfolio investor who has about 1% of its wealth in GBG and has not real interest or connection in GBG: it is just a few basis points in a soulless portfolio.

I can't speak for the many people who have invested in GBG and who contribute to Hotcopper and the other forums. However I will say that just because an investor contributes to a public forum does not mean that investor's opinion is worthless or should be ignored. A good deal of the comment on the forums, perhaps most, is genuine. Some contributors might use the forums for non approved purposes, but the existence of a corrupting element does not justify ignoring the majority of the comments or treating the whole of forum comment, as a genre, as worthless.

So I say to you Hotcopper and other forum have a lot to offer GBG. Hear ( I mean actively listen in new age terms) what the overall threads are saying.

Currently they are saying that you are not doing your job. You might be doing what you are told to do, but you are not doing your job.

Your investors are generally uninformed by GBG as to GBG's activities.

There is public information about your shipping that can be gleaned from other sources: but it does not come from GBG.

There is operational information that comes from members of the public who live near your rail lines and can count trains per day: but it does not come from GBG.

There are people who have a clear view of Berth 7 in Geraldton Harbour who do report on activity and non activity: but it does not come from GBG.

There are contractors, who you depend on to achieve GBG's operating objectives, who make comment: but it does not come from GBG.

And there is even the traveller who, feeling so starved on information, broke is journey from the far north to call in at Geraldton and ask a few questions about what GBG was doing. He posted: but it does not come from GBG.

Take a look at your share price performance; the announcements you have made (yes, I mean personally) since October, the evolution of GBG since that time and tell the market that you have accurately informed the market in a timely manner of the factors having a material effect on the company's operations. I don't think you could honestly make that statement.

The current situation can't go on. As the comment below demonstrates people, who have been long term supporters of GBG are giving up. Is it your corporate culture not to be concerned about such trends? This email from me is rooted in equivalent frustration.

Show some leadership. Put in place a corporate communication programme which has integrity as its core value. We will all benefit.


"
Well Loyal GBG shareholders - Today I have elected to sell out of the company I have invested in and believed in for the past 8 years. I like many had invested in this company partaking in all of the cap raising issues and topping as the price began to drop, continuing to average down thinking that each new level brought an unprecedented buying opportunity. But enough is enough I have faced reality and have to suffer the huge losses that I was hoping would one day be all be fixed. Alas not to be, I have taken refuge in the life raft whilst there are a few seats still available. The management and board have treated shareholders with absolute contempt, with a total lack of information and quite frankly what I consider to be carefully worded announcements which the market now see clearly through.
"Captain Ice Berg Ice Berg straight ahead" GBG management - "we are still on track to achieve nameplate capacity - whatever that is these days" ??? "Captain to the life raft" GBG management - we should be congratulated for the fine efforts in delivering this project two years late and with massive cost overrun> power lines, train port berthss what a great achievement !! What's that were out of money!! How is that material ?? Captain Life Rafts grab the snorkels, whats that the instructions for the life rafts are written in Chinese !!! "