It is now apparent that our proposal to reward the board and management with sizeable financial rewards even in a situation where nothing has been achieved by way of share price appreciation for shareholders was not going to get up at the AGM due to shareholder opposition.
We are therefore saving ourselves the embarrassment of discussing this one sided proposal at the AGM by withdrawing it beforehand.
We do not concede that there was anything wrong with this proposal. So dont expect us to listen to what was being said by shareholders and taken this feedback on board. Shareholders can therefore reasonably expect us to come up with another unreasonable proposal later on.
We think that the board and management has done a fantastic job in 2021. It is not easy dealing with the boredom of having very little to do. Shareholders should understand that with at least 3 near term prospects to drill there is at least 3 forms to fill in with the relevant regulator.
We are in fact delighted to see the share price crash this week. This will allow us to design a proposal based on performance relative to a low recent VWAP share price and further dilute shareholders. Rest assured the fact that shareholders were asked to support us in a capital raising at 5.6cents will be completely forgotten in this revised proposal.
Please stop calling and asking us for details about the timing of the drilling proposal. We don't like being held to account for plans, we don't really know much about drilling and are hoping others who do will do this for us.
We are very excited about the 3 forms we successfully filled in during 2021 and are happy to explain the 50 or so words on each form.
Please don't ask about a plan for drilling or likely timings at the AGM. We dont have one - it has been a very busy time with covid etc and we are now extremely busy trying to work out a revised plan for rewarding ourselves without the constraint of needing to do so in a win win fashion with shareholders.
Regards,
The board and management.
BNL Price at posting:
4.4¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)