WS was on the CKK board from the time Globe Drill was acquired by CKK yet we've seen very limited success with regard to the GT3000 (we'll disregard the CLRS for the purposes of this discussion). So it begs the question was WS suited to the role of a board member?
Few would argue WS isn't clever when it comes to drilling and even the designing of rig related technology BUT I got the impression he was a bit like a fish out of water being on the board of a publically listed company. Let's face it is he was suited to such a role we'd be much further down the track with a plethora of contracts and possibly even cash-flow positive?
I agree there could be more "meat" to the company announcements regarding this and of course other matters however to at least provide clarity.
You of course make some valid points and I welcome such discussion because if you can point out something that I've overlooked I'll be forever grateful. BUT I also believe you may be reading a little bit more into this than needs be?
WS has plenty at stake here, I believe this has been covered adequately already, so I do not believe he has stormed out and "taken his bat and ball" as you put it. On the contrary I would suggest he took the month of June to make his decision carefully and thoughtfully?
I may of course be very wrong (I certainly hope not) but it's also worth considering that WS and the other board members reached agreement on WS stepping down? Now that's not to say WS was "over the moon" about having to face the fact that this isn't his "baby" any longer, it's the CKK shareholders. But we're all adults at the end of the day and I'd like to think a mature agreement was reached in the end regardless of the politics involved.
I'm really backing Matt Birney in at present, so far he's done pretty bloody well IMO, in reality I have little choice other than selling of course but I have faith in him and am satisfied that all is ok and also believe WS will still be involved, one way or another.
Sorry for my long-winded post
WC8
CKK Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
