Roo, the most important thing for this company at this point in...

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Copperkote

112 Posts.

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04/03/19

19:13

Post #: 37648815
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Originally posted by RooBendigo: ↑

Copperkote I have appreciated your posts on Kin over the years but I would have thought appropriate resignations have happened:

DH resigned
DS resigned
TD resigned as chair, and his board position finished in 2018. He is now re-elected.
JG has resigned as company secretary and his position also finished in 2018. He has also been re-elected.
Moreover, the two original directors are now two out of five (previously two out of four), and the re-election was an actual contest.

If that is not enough, TD and JG have also taken huge hits on their personal shareholdings, and the rights they acquired (which some posters here keep referencing as if they were huge cash payments) are worth zip.

Personally I think that is enough.

Looking at the market cap, I can see plenty of room for the SP to recover, but looking at planned developments and cashflow I am nervous about enough being done (probably finish the PFS and resource upgrade) soon enough to avoid another capital raise at low share prices. I am hoping that the PFS leads to a reset of the market valuation of Kin, allowing directors to place some shares at a good price to cover operating and drilling costs on past decision to mine - the funding they have will last about six months from now I think, so they will need more.

Not a prediction. Just saying there is a reasonable pathway for the SP to recover, for those who can hang on.

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Roo, the most important thing for this company at this point in time is credibility. TD and JG may well have lost a truck load of their investment, but so have many others.
I am of an old school where you put your hand up when something goes wrong. I haven't seen any sign of that here, indeed in their "elect me" blurbs neither of the above mentioned the past, it was all how good the future will be. Shareholders still don't know what actually went wrong and would know a heck of a lot less if some shareholders hadn't publicised Como reports etc.
More importantly though, no-one has accepted any responsibilty. Until that happens there can be no trust!
I don't want to see people sacked or quit, I want to see them accept responsibilty and that includes the senior management that are still there.
Meanwhile we are getting some great announcements about the water, drilling etc and the price either drops or flatlines. Mr Market obviously doesn't believe the story either.
As for the PFS, I don't think that there will be any major change in the ounces, all the chamges will be in the number of pits, the reduced processing costs from less grinding, the certainty of water, etc. And frankly these are not the sexy things that make SP's rise.
I want to see this puppy get off the ground as much as anyone but Andrew M has one hell of a job selling this to shareholders. He will be worth every penny he is paid if he can pull it off.
I think the odds of some sort of JV are very high and perhaps that would kick the price along. However any prospective JV partner would be looking at the situation and wondering whether sitting back and picking up the scraps is a better option, of course the counter to that is getting in now to tie up some of the ground and beat off any raiders. A conundrum that I don't have to worry about and probably all a thought bubble from my tired old brain.
We are heading up north tomorrow to see where it takes us so no internet for a while. Good luck to all holders.

KIN Price at posting: 6.9¢ Sentiment: Hold Disclosure: Held
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