As a very unhappy and reluctant shareholder that has had value diluted beyond recognition, I feel justified in my following comment.
I am detecting a very distinct change in the mood of shareholders, the hype is now turning to reality and recognition and in some cases despair.
The next capital raise is being primed at the moment, this will result in more dilution and loss.
The BOD"s continue on with full pay and benefits disregarding the shareholders wish to trim back in the face of COVID.
The BOD's continue on with unsustainable numbers drawing salaries at full rate disregarding shareholders wishes.
We have:
- 1 x Independent Non Executive Chairman
- 4 x Directors
- 1 x Company Secretary
- An untold number of staff in the payroll
- We support a property in Greenvale, an expensive office in Brisbane, we support the Perth office and micro processing plant with real-estate and perhaps permanent staff.
Do we need all this right now
There seems to me to be a reluctance to change.
A reluctance to acknowledge that the world is changing around us.
A reluctance to acknowledge that the EV timeframes are pushed back severely worldwide.
A reluctance to acknowledge that they should be financially prudent and batten down the hatches, TIGHT, essential projects and forward leading negotiations only.
To continue as usual is not good enough, failure to change will result in the company being brutally mugged with financial reality. From this no one wins.
Today is the last day of the financial year.
Tomorrow is the first day of the new financial year, these 2 dates are IMO an opportunity to announce radical change.
I suppose I am hopeful and naïve.
Soon we will be announcing the AGM date for 2020 ?
Is this the date that a 249D materializes from the T20 leading a cohort of smaller shareholders as a result of inaction and poor choices.
I honestly do not know
I know that some here would say that we need the micro processing plant for processing samples, perhaps.
Did you know that the plant has been used to process our peers samples, they paid a commercial rate for the use. FACT
What if you considered the sale of this plant and contracted your needs from the new owner.
Just a thought.
Why have we purchased a property in Greenvale when we could perhaps have negotiated an OPTION to buy valid for 5 years. Can we sell it to an investor with a future contract to provide mine housing ?
Why are management not cutting salaries, setting example. Like other listed companies and our peers.
Why do we need so many directors, just a thought, these are extraordinary times.
In these difficult times,
ALL options, performance rights and freebies should be scrapped, considering the companies financial position, BOD's inaction to take tight financial control and the industry uncertainty in the short term with COVID
Do you need a chairman of the board
And, when asked the question, “doesa private companyboard need a chairman”,Inow say “no, but it needs a lead director.” The lead director is responsible for working with the CEO to manage theboardof directors. ... And the lead director helps the CEO manage theboardmeetings
This is where the cash goes.
Just a few thoughts.
Frustrated RED
(20min delay)
