We'll follow in the path of Sundance Resources, that's what will happen.
Sundance got booted from the ASX after losing their mining license and now they're fighting it out with Cameroon and The Congo in the ICC. Their share price tanked big time when they were delisted, dropping to less than 1 cent. It's a warning sign of what may be be coming our way.
It's baffling how many holders have been cutting our management slack. I mean, seriously, what's the deal? Those roadshows they organized seemed more like a self-preservation tactic than anything else. And when faced with tough questions, they were quick to dodge and stick to their rehearsed lines. Their attitude towards shareholders at times was frankly arrogant and disdainful.
Even at the last AGM, instead of holding management accountable, everyone was too busy tearing into MMGA. Meanwhile, management waltzed away scot-free, refusing to livestream the meeting or take any questions at all.
And what's the deal with those salaries and bonuses? Seriously, if we're gearing up for a legal battle, do we really need 11 executives? Sundance are in a legal battle – their 2023 annual report shows salaries are around 500k-600K pa, covering the 3 Directors (one doubles as company secretary) and office staff.
If we're serious about this legal fight, we need to tighten our belts too. Sundance even managed to snag a litigation funder to back them up. But when you look at the numbers on our management's pay checks, it's hard to believe anyone, be it Locke or shareholders, would want to pump more money into this management cash-cow.
Since this report, there have been some changes. As per the AVZ website, there are now 11 individuals listed on the Directors and executive team.
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