Balama Mozambique, page-54

...send the chairman an email... his email address is: [email protected]

Mr Verner (the MD) is a lost cause.... will probably be sued later anyway....just look at last year's shenanigans of non-disclosure pre & during the capital raising... telling the market that everything is ok...and after they had received the money...telling everyone, the sky was falling... well basically just the realities of the last three years....so not sure why he is still employed...should have been sacked a long time ago.... can't destroy more value than this guy....ad then he is still going down the same path... burning $15M/ quarter....

....and that is where the board & the chairman come in...they can't keep abrogating their accountability...

...hence the approach above.....you have to call things out... hopefully they will change their M.O....if not...they have failed to perform their duties, especially after been warned....can't play the ignorance card then and blame the everyone than themselves....

Remind them of:

Consequences of failing to perform director duties

If you fail to perform your duties as a director, you may:

• be guilty of a criminal offence with a penalty of up to a maximum of $200,000, or imprisonment for up to five years, or both
• have contravened a civil penalty provision (and the court may order you to pay to the Commonwealth up to $200,000)
• be personally liable to compensate the company or others for any loss or damage they suffer
• be prohibited from managing a company.

...so send an email....and file that email... so, if things go 'pear-shape'...you will have evidence during the class action that management were made aware of the issue, but still failed to perform their duties...

...anyone continuing selling a product at a loss, which will eventually lead to insolvency...should face the consequences for their actions...

Bottom line: this project should be put in Care & Maintenance until the market has changed....if you can't make money, don't take more debt on....why anyone without an agenda will do this, is beyond me....they still have adequate cash resources (US$60M) to ride this out at this stage.....contracts should be full-filled via market purchases, not by losing $15M a quarter....that is reckless management.... and we all know what is the strategy based on the last 12 months narrative....they will keep on taking more debt on so that they can sell more of the product at a loss...just to ensure that the company is eventually sold for 5 cents in the dollar to the 'creditors' or the party they are selling the product to... or their future employers... golden-hand shake sponsors....or all of the above....

...so send that email....warn them...and file it....

...my 2 cents...