Ok, in the interests of current shareholders and future progress, can we move on from the recent negativity and focus on the issues at hand with IronClad?
I have no problem with anyone (holder or non holder) giving their opinion in this forum but I think a lot of the recent discussion has been focused on either issues that are resolved or immaterial in the big scheme of things.
The performance rights have been issued will little numbers against, Ian Finch?s salary is what it is and not all that different from his peers. The fact remains that IFE are not operating outside of how small caps work here and it is great to have the discussion to improve things but once they have been resolved then what is the point in complaining ? ultimately if you don?t like it or the votes of the majority then surely your funds are better suited to another company where management and shareholders agree with your opinions.
As for missed timelines etc, I would love to see IFE get this done asap and am quietly hopefully that all goes well for mining in 2011 but on the other hand I do not think a view that management consistently disappoints on timelines and is boarderline incompetent. Whilst IFE has been pushing for production for some years, not all of the delays have been their fault ? they did have a JV set up at one stage that had the pin pulled. The fact remains that management have built a very encouraging resource, almost fully funded production, kept shares on issue to a minimum and are forecasting first years profit to be ~$50m before tax.
If that comes in from Dec (6 months) or Feb (8 months), it doesn?t result in incompetency.
Overall, I agree things could have been handled better and maybe Finch should have publically stated more conservative targets to not disappoint if IFE didn?t hit targets, but this is a small cap with limited staff and money. They do not always run things over teams of management however, they do not spend large amounts on staff.
Not many companies in Australia get from startup to production and if IFE get a ship out in the next 9 months based on the suggested financials, I would rate current management as outstanding.
TRF confirmed today that mining should start in the next 6 months.
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