GSR (ASX) Ann: ASIC Registration of Greenstone Scheme Booklet

Originally posted by Lowkeyinvestor: ↑

AleeG,
I would prefer not to say how I will vote and if I will vote at all. The scheme booklet and the expert opinion is BS in my opinion it does not explore the future of GSR enough, the report is slanted to raise appeal for the merger to happen. I suspect the merger was planned but rushed through as the Riverina settlement worth about $1.9M to GSR lobbed earlier than expected, and the $450,000 loan eats into that but leaves money in the bank to go on with if the merger does not happen.

I can say a vote FOR will get rid of this top heavy board the CEO is over-rated and overpaid and under qualified for the position in my view. He is to go on to the new board and I will vote him out at every chance I get. Director Poole as chief geologist may have earned that spot, but I don't have much to base that on due to lack of info coming out of the company and also the stuffed up delayed Mt Thirsty scoping study has to land on someones head. If the stuff up is on him why position him as Chief Geologist in the new company. There was also a badly stuffed up Mt Thirsty announcement to take into account in accessing the performance of these two top heavy directors.

A vote AGAINST means we are stuck with all these directors particularly the CEO but there is an AGM coming and a second strike on the renumeration report will be an incentive for these directors to step down to save their reputations. Unfortunately the MD/CEO is exempt from that process, but maybe he would resign in favour of someone able to grow his investment in the company ie millions of performance rights.

Expand

Thank you for taking the time to respond so thoroughly, I appreciate your thoughts.

I've been through a few takeovers and mergers in my time investing, and I'm just struggling with this one as it's just like a bunch of nothing merging with a bunch of nothing. As you say, theres value to be found if there is less admin / board / management costs. The management team of both have a poor record of turning exploration into production.

Eh, maybe I'll toss a coin for my vote!

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