NWE (ASX) Ann: Director Appointment/Resignation

Originally posted by V10: ↑

Gentlemen,

Some of you have never run a junior oil and exploration company.

If you had, you would give Iain Smith a vote of thanks for staying on the board of Norwest once handed 'the poisoned chalice' of being Managing Director of a listed asx company with a major shareholder with 19.9%. No one, especially Minres, goes to 19.9% of a listed company unless ultimately plan to take it over.

The great success at the wildcat Lockyer Deep-1 ensured the fate of Norwest to be taken over by Minres. Credit for this success should go to Shelly Robertson and Iain Smith. This success at LD-1 should soon be followed by expected success at L-2 and NED-1, if all geological and geophysical prognostications are proved valid.

While Iain has been MD, Norwest has gone from 0.2 cents to 6-7 cents.
For this I am grateful as a shareholder.
Sure Iain has been amply rewarded for the success achieved and rightly so, IMHO.

One positive for Iain Smith being 'given the opportunity to advance his career elsewhere'- polite expression for 'your'e fired', is that his name and reputation will hopefully not be sullied with any more abuse from hot copper posters.

So we await the rights issue from Norwest and the price. As I have posted, my money is on the rights issue going out very soon, being underwritten by Minres and the issue price higher than market to reflect the undervalued share price for Norwest.

I will be taking up my rights.

DYOR

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Good respectfull and informative post V10
I read the announcement regarding the NWE Directors when I got home from work, grabbed a beer and wandered into the garden to do my watering duties.
I'm watering away and thinking of this Situation NWE are in and the Directors and MIN and of course myself. I stand looking at the asset I just (almost) paid out and thinking of the massive pressure this takes off of mysely and my family.
I can't be anything but appreciative of NWE and it's management who got the company much further than I ever expected and who were always going to be up against it when MIN finally made their call. When the SP went into the 7s, I then made my call.
Well they have made their call and are going to keep calling, I agree with V10 that the rights issue is on its way.
I'm still holding a decent parcle, so lets see how further we can get.
Wish all holders good fortune in which ever way they proceed.
My say only.