Firstly, I am sorry people jump on contrarians just because they have the opposing view. I really hope that these forums don't turn into a love-in.
Anyway, I'll try to answer your questions as I personally see them: I asked for info on the Browns’ credentials and got none. I think Warren Brown used to be involved in the mining industry in Ipswich. Don't know what capacity. After this, they have been involved in FMG as large investors and have seen the machinations of turning a tenement into an exploration co, into a junior miner, into a large miner. Understand they were passive investors here. I have also seen WWB Investments pop up on a fertilizer mining co recently. For me, they have seen the flows and processes and timing expectations of the mining approval process to see when something funky is happening. My main reason for asking this was that they put forward the 249d asking for removal of a director but offering no alternative. They spelled this out in their letter. I actually think how they went about this was very well thought out. An S249 announces dissatisfaction with BOD much more clearly than a not supporting re-election of a board member (remember, RT had to clear his seat and sit for re-election at the AGM). RT was chosen as he is chairman (temporarily apparently but not so temporary). The letter then states that poor communication, an insular BOD and poor decisions called for action. I do note a few posters have suggested Paul Brown as Chairman. Speculation made in a vacuum as far as I'm concerned. Again, I would have to ask what qualifies him to sit at the head of the table on a project like this. Irrelevant question as its not on the table by either party. People so invested in a high share price would spend so much effort talking down the very project they claim to believe in and then expect the share price to rise. We're not putting down the project, we're all here because we think its an outstanding project, we're talking down the management. Its not the first time, its been discussed for years about the lack of progress and I stated many years ago that I wish Burton would accept outside support rather than going it himself as he's clearly over his head. His background is geology, we now need (and needed 3 years ago) a team to realise the project.
We are shareholders, we own the company. We trust a BOD to install management and act in the best interest of the company, when that trust is broken, we are entitled to action because its our company.
TNG Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
