I'm not pro-Fraser. I'm just not directing all the anger that belongs elsewhere at him. He's the 7th most culpable for the current predicament IMHO. Perhaps he ought to have resigned with the two new NEDs when they did on seeing whatever it is they saw, IDK.
There was obviously zero interest in a CR at 15 cents. Otherwise he would have done that. You could argue he shouldn't have agreed to the six cent CR, but what choice did he have? Especially if they hadn't yet had legal word they could withdraw funding from Morilla SA at that point ?
If our previous MD and Chair hadn't been able to raise funds from places other than the awful Euroz or Canna options when the hype train was in effect, then I wouldn't expect a Director to have better chances with sentiment at an all-time low. It was a distressed asset loan - and priced accordingly. Asset backed by the LLL holding 100%. As such it wasn't in SH's best interest and they clearly made that known. So he withdrew it. Gave us what most wanted in fact. So for giving us what most of us actually wanted, he's STILL taking crap? LOL
Some may scoff but to me it shows integrity to stay and see things through - and put up with all the abuse. People might crap on about $2 or $3k (I did!), as it sounds a lot, but I'd wager he can well do without the aggravation for that coin. Cowden should have put himself on an NED wage instead of retiring to the golf course having been responsible for much of the damage, and not given his mate a $450k farewell present (IMHO) before slinking off himself.
(BTW you forgot to blame Fraser for the last MD's salary and pay out when he obviously should have resigned instead having found another job - that's a legit complaint on Fraser IMO)
Anyway people are rightfully angry and Fraser is left holding the can, so I get it. It just becomes tiresome when the real culprits are living it up on the golf course IMHO.
LOL
(20min delay)