If you sit back and reflect for a moment, this is simply an extraordinary achievement by the MYL board to pull this off considering what happened in Myanmar and our investment in Bawdwin. Being an optimist, I never quite wrote off this investment but gee, it took a lot of faith at times. Lazarus, Phoenix and all that! To think we shall finally see the return of $$values in our share accounts next to the MYL name/column from late July/early August (post the shareholder vote and ASX re-listing approvals) is a stunning turnaround in fortunes.
So get your votes in, I've voted yes to all resolutions. Personally, I think it is a bit simplistic and uninformed to suggest it is in shareholders' interests to reject a small increase in the pool of funds available (in the future) to ensure we retain and attract Directors of the calibre of these guys. People questioning the worth of the MYL Board should perhaps attend the next AGM and hear first hand the amount of work that these guys have been doing to firstly save our investment after the coup and then to go through what they have had to go through to get hold of the Avebury asset. If you get to an AGM in the future, I'm sure John Lamb and the Board will be happy to take you through the process, the barriers and hoops they've had to jump through, the last minute legal challenges from a company that wanted Avebury - I'm sure we will see why when the first production numbers are put out into the market - and the 24/7 commitment these guys and the management team have endured to get us to this point. Annual leave cancelled, the MD moving straight away to live near the mine site (big tip - go to Zeehan at some stage and test for yourself if you'd be willing to move there), ASX requiring the company to effectively go through a new listing process as though we are an IPO offering. It has been arduous. Yet these guys have not waivered.
If you are still not convinced, cast your mind to other juniors you are invested in, perhaps the ones where the Board are paid twice to three times the amount these guys are, the ones where the Board have done SFA, or squandered shareholders money year after year, the lifestyle Directors etc. I've had a few in my portfolio and it is the complete opposite of the MYL Board who have worked their backsides off to save the company and then, remarkably, find a great asset that is not a new exploration opportunity, but an asset that will be in production AND with exploration upside and in the battery metal space to boot.
It is some achievement. I understand some will jump out at opening when we re-list. IMO, I firmly believe that once the dust settles and the production numbers hit the market along with the profit margins, the new MYL will fly. Good luck.
Expand
