Ann: Findings of Corporate Review, page-30

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AGreatYear

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16/08/17

17:21

Post #: 26540961
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Originally posted by jakers ↑

Still fuming over this report.

I can't believe some of what I just read.

The incompetence of the previous board is unbelievable.
But i'm actually not very happy with some of what the new board is doing either.

Firstly, we are no longer operating in Liberia. So, we are hiring a legal team to deregister our subsidiary and remove ourselves from the country altogether. But why now? At a point where we need to focus on our Lithium deposit, we are off spending thousands of dollars working out how we can ensure our books are clean in Liberia. WHO CARES???

Then we are charged 500k for a corporate review that has been indulgent in every possible way. It appears as though they have searched every nook and cranny to create billable hours. Highway robbery, and we are the ones paying the bill.

They have decided that on top of their exorbitant charge out rates - and they are exorbitant - they will also award themselves 2.5 million options EACH. 45c exercise price is ok, but the vesting conditions are far too open. Directors working in this company need to be paid salary, not per day. This should be one of the resolutions at the upcoming meeting.

It also seems that we are intent on mucking up our own bloody gold deal, which means that we will lose the upcoming 1 million payment as well as a share of future royalties. Kiss the gold goodbye.

All I see is premium cost, legal and taxation advice gouging this company over the next six months. PwC, directors, legal teams and consultants will be the ones making the money here.

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I'll happily buy your shares off you for 22.5c

As soon as we re-list just let me know, and I'll grab them

BGS Price at posting: 22.5¢ Sentiment: Buy Disclosure: Held
13 Upvote

0 Great analysis

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Ann: Findings of Corporate Review, page-30

Top Stories

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Vulcan appoints investment bank and M&A veteran to board

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Utah authorities sign off on Anson's lithium extraction plans at Green River

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

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