Well, KCN has indeed been shorted. It is currently one of the most shorted stocks on the ASX. There are three underlying reasons for this behavior.
Market Sentiment: Negative, hence Shorting. Institutions always short stock. However, shorting prices down to these levels only means they are covering their capital within a range they know they can achieve. Institutions know buying back up is too expensive so they will continue to force prices down into a goldy locks zone or death.
Financial Performance: Atrocious and frightening
Operational Challenges: They don't have the capital to do everything we want to do. Designing new Super pits, really? Where is this money going to come from, maybe the Thai Government can be responsible and pay for their illegal closure and systematic destruction of a miner who did no wrong but to be caught up in an attempted illegal sale to a Thai billionaire?
We seem to be playing the good Samaritan with community events, but the bottom-line Mr Gibson is that you are a CEO of a junior miner and should be focused on improving our yields and operational efficiency not running off to womans gala parades. Since you have taken this position can you honestly say you have contributed anything towards improving this company's welfare? You own 32000 shares and that was given to you, how much of your own money have you contributed? Nothing. Why is that My Gibson? Don't you believe in Kingsgate, don't you believe we will be a prosperous junior miner with aspirations of becoming a mainstream miner like Newcrest or Evolution
The debt levels for KCN are beginning to worry me a lot, for example their Debt-to-equity ratio is now 115%. The company has total assets of $143 million and liabilities of $109 million. If KCN was a country I would say they are heading for an economic collapse. What infuriated me was Jamie Gibson calling our debt small, (small?), small for BHP, small for RIO Tinto but not small for a junior miner just kicking off after 6 years with no help from the Thais, just a lot of fun days with staff while we look on with disgust. What are you worried about? Do we really have to have a meeting with the village town elders everytime you have to make a decision, what a joke and you said that at the diggers meeting. My daughter is an NSW Police officer who works in the media department and does the ABC radio announcements said I quote, 'who would say that to an audience wanting to buy into a public company', admitting we need approval to run our mine.
From day one I have been advocating for the TAFTA to be opened, this has become a nightmare for me. By opening the TAFTA agreement we could have forced our demands and come out cash positive regardless of the government concessions or not. Would we have lost our mine, NO would we still own it and be mining without all this bullshit. Why are we still in this nightmare, this is our company? Mr Gibson works for us, and he has done a poor job at that! I know he means well but he just doesn't have the smarts to hold a CEO position, he was an office clerk as memory serves how does he go from answering phones and getting RSK's lunch to CEO of our company? The Diggers conference was mediocre and created more questions than answers for me.
I am blaming Mr Gibson and Mr Ross Smith Kirk for the turndown in price. Had we done everything right and thought out our desisions we would have had a strong share price with no debt by now, no Nabari warrants, no Taurus options, no sinking feeling in my gut as to where we will be in six months, one year from now. While others feel optimistic about the future of this company, I stand on the fence wanting to stay but my better judgment is telling me otherwise. If you are a true believer of this company's success, you should resign Mr Gibson. As for Mr Smith Kirk you should be more proactive in getting TAFTA read and vindicating our long and arduous plight to see better days for Kingsgate Consolidated.
I need to know how many will vote to remove Mr Jamie Gibson from the position of CEO of Kingsgate Consolidated.
PLEASE SHOW IN THE COMMENTS BELOW(YES) to remove or (NO)to stay as CEO
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