Ann: Exploration Update, page-20

I saw the nominal value of my Kin shares dive with as much dismay as anyone, however I haven't found it helpful to form views based on sweeping generalisations about the company. There is no "them"; not only has the board and management changed, there are also different roles; the directors are not all full time employees, they rely on reports from management, and they exercise governance, not micromanagement. The board necessarily relies on somewhat lagging information, compared to what management might know or suspect.

We now know there were, if not problems, some serious risks to the Company by Feb 13 when a director and the MD left suddenly. But we don't actually know anyone knew that at the time. I suspect Don would still maintain it was only a flesh wound and he could have succeeded (I am in the Munckton camp on that question). Maybe some of the contractors / prospective contractors caught a whiff of unrealistic expectations and costs, and maybe management were starting to worry about quotes coming in, but when the new Board/acting MD reported on progress on March 16 it is unlikely they could see what was coming.

Re-reading that announcement, it was factually correct. There was progress on the build, and we know none of that progress will be wasted. The exploration was proceeding, and the expert way in which it has proceeded is the key to the SP recovering on the back of a larger resource/reserve. It is possible the February actuals report was in by then, although the Board might not have considered it; but actuals exceeding projected for just one month would not be enough for a new board and an acting MD, all still coming to grips with things, to press the alarm button.

I am glad I never worked in a workplace where anonymous posters could make sweeping and unfair attacks on my competence and character. For those who feel inclined criticise the character, motivations, and competence of the current management and board, I suggest the following thought experiment; what do you think would happen to your investment if they all walked?