Ann: Director Resignations-MNS.AX, page-49

Interesting to read all the comments today folks. My own 2 cents worth.

I was at the AGM and have briefly met Mr's Cobb and Eldridge at a meet and greet occasion on a separate occasion. When given an opportunity at the AGM Mr Cobb had very little to say. Considering he was about to be allocated 1M options you'd think he would be gracious enough to say what really interested him in MNS (other than the chance to get some options). But alas he didn't have much to say. Mr Eldridge was of course one of the main speakers at the AGM so he had plenty to say. To be truthful he spoke well and had a smoothness about his presentation. Neither looked at ease mingling with shareholders after the meeting ended and didn't hang around. At the meet and greet the pair were far more cagey insofar as they stayed close to each other and appeared somewhat awkward talking to shareholders.

MNS is known for having a family like feel among the more established shareholders so when any new person is introduced there is a sense not unlike meeting your daughters new boyfriend for the first time. You are forever guarded and suspicious until you feel comfortable enough to accept the reality. Needless to say, on this occasion the new boyfriends left dad with more questions than answers.

It does make you wonder then how the man who was supposedly going to help the finance side of MNS was allowing the share price to drip, drop like a broken tap....shedding half a cent or 2 each day for days on end. It was almost as though it was happening this way by design. Of course this is just a theory, but one that could perhaps hold more truth than fiction. We've heard rumours of things being held back at MNS...were a certain 2 people responsible for that? This is only a theory of course but we are all entitled one of those.

So who would let their daughters boyfriend slowing denigrate her reputation without stepping in? It has happened to many a company and it will happened to many a company more. There is only thing I hope Mr's Cobb and Eldridge learn from their brief time with Magnis resources. that is; you can fool some of the people some of the time, but you can't fool all of the people all of the time.

Their resignations no doubt both written and accepted in haste so that both sides can move on. One, hopefully with a more moralistic practice and prevent the embarrassment of taking it to a shareholder vote; the other to move swiftly onwards and deliver what was slowly being denied them while the less than dynamic duo had their foot on the brakes.

I think the next director or directors will be closer to home to both appease the shareholder 'family' but also keep the familiarity of doing business with people they trust. Because without trust there is nothing.