In my opinion, the concern was more around the incentive...

In my opinion, the concern was more around the incentive structure of Priyank's remuneration rather than the quantity of remuneration.

We have a minority interest in a single mine - for Priyank to receive a bonus payment equal to 1% of all dividends paid for simply declaring dividends with pass through profits is a bit ridiculous. The result was a cycle of: declaring dividends > Priyank receiving dividends on his shares + a hefty bonus > Priyank buying more shares > rinse and repeat.

• As for Priyank's on market buying sprees, where else was he supposed to allocate his newly minted 1% bonus? Makes sense for him to buy more shares, so that he will receive greater dividends next time he inevitably declares.

Some shareholders obviously enjoyed the consistency of dividends, but I'd prefer not to attribute this to the 'expertise' of management - it was simply a result of the incentives in place. I choose to perceive this as the CEO taking from our (shareholders) pockets to line his own, under the guise of 'consistent distributions to shareholders'.

I'd much prefer to have a CEO that is able (rather than directly disincentivised) to explore and consider other uses of capital. If this results in the same quantum of distributions, at least this isn't the result of a flawed remuneration structure.

Regardless, it's out with the old and in with the new. I'm positive about the outlook for JMS - I think strength of Tshipi (even with weak underlying conditions) provides us with an excellent backdrop to somehow expand our reach. I think we should let our new mate Brad prove himself and I certainly don't think looking back with rose-tinted glasses is the answer.