I agree with you on the capital return for shareholders and my main concern is also the protection of the 120 million of cash and bullion. This is precisely why I am particularly careful about the ethical standards of the people wishing to have control over the board. Can you imagine any fortune 500 CEO giving a contract to a company he has interests in ?
Moreover, the contract have been allegedly ended by Ranger Equipments after the board expressed concerns about the drilling contract. It is possible that this drilling contract would have lasted much longer if the employee who resigned did not alert the board about Mr Williams and the drilling company. The board reacted quickly to protect shareholders : they terminated Mr Williams and Mr Welker. In my opinion, a managing director of a publicly listed company cannot justify giving a contract to a company he has interests in.
Mr Welker, Mr Williams or anybody associated with them are the last persons I wish to see heading the company.
I will just say when someone shows you who they really are, believe them.
The board have acted with integrity while looking after the shareholders interests in their decisions and kept accumulating cash and bullion which could be very useful during this economical period of instability.
X64 Price at posting:
64.0¢ Sentiment: Hold Disclosure: Held
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