Not so sure which report some of you here have read but imo it was another concerning report, not going to elaborate too much as is a waste of time. But here are some of my personal key concerns are as follows and all in my opinion of how I personally read this report and could have misread some things.....
1. Company broke only $26k in bank - poor financial management for the year imo.
2. Excessive and over generous director remuneration and incentives given the overall performance for the year. Lack of action and failed once again to unlock SH's wealth. SP again failed to grow. Have to reduce the amount of directors ASAP imo. The remuneration is excessive considering what was achieved and even got $80k from job keeping, how on earth they could get this is beyond me as remuneration wasn't reduced in fact it increased in parts.
3. Auditors have significant on going concerns of company financially surviving.
4. Continually borrowing money at 8% is not sustainable and posses a conflict for me. Better off to source independent financial parties and actually mine gold, is what this company is meant to do imo. My serious concern of having the biggest controlling holder loaning funds, increases the risk of administration/delisting if ever cash calls made and SH's have no protection. Just not a smart move for holders LT security imo. Plus 8% is way too excessive along with rent especially when the company only holds 2 meetings for the year. Seriously a poor look imo and demonstrates to me of just how much of a part time hobby company LNY has become imo. Just look at the lack of communications holders received for the year. Most companies have over 6+ meetings a year during a busy 100% employed year of activity imo and I suspect but could be wrong one of our directors has probably still remained in Melbourne for another year due to covid restrictions, so again why does company seriously need 5 directors if this is in fact the case. What does each director actually bring to the company as another year has passed and SP continues at all time lows with no income earned.
5. Company has again failed holders imo and this company has not achieved any of the basic key performance incentives for the year and failed to grow the company and again unlock wealth for holders imo, such a poor performance imo. BG hasn't got SP to 0.008c for the 1st year incentive etc etc. His incentives imo were so small to achieve over 4 yrs and easy to achieve if the company actually did something. Bigger targets should have been set imo. Can anyone actually tell me any incentives, KPI targets that were actually achieved by anyone in this company?????? Hard to do much with no cash I guess....
Plenty more concerns to mention here imo BUT why bother, at the end of the day it was another wasted and failed year for this part time life style company imo, which achieved absolutely nothing for holders imo, failed to grow the company and SP and our Auditors concern is warranted. Only significant further debt imo can deliver any action by this company. We do have a future at Agate as gold is there and surrounding areas, also especially with whats happening with Maroon and 3rd party implementing a gold hub with black jack, just be interesting if LNY finally steps up to the plate. Sorry LNY but this was just another slap in my face reading this report and my message to this company is resign or do your job simple as that. Back to gardening I guess lol.....
