I am a new poster to HC but a long time shareholder of SML. This company was run by a very able board who were ambushed at the November AGM resulting in an all Asian, non mining three man board, two of whom reside off shore. The October 2009 capital raising was to fund specifically the Centre Country drill program, the Vic Govt subsidised Merrimac drill program and to provide general working capital. Various market releases and investor updates during the raising period confirmed this. Success with the Centre Country program would lead to a complete re-rating of the company as would success at Merrimac (the subsidy has now been withdrawn as a result of the new board's indecision).The recent announcement states that Glen Wills is now on care and maintenance. As a shareholder I seek others thoughts as to the culpability of the board, two of whom were part of the old regime, with respect to their not utilising the funds raised in accord with the data provided by the company.
SML Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
