Ann: Key Appointments - Chairman and Managing Director, page-84

My pleasure @hazza25. My gentle and unsolicited advice to you is to relax, mate. It's all just a bit of light-hearted fun/banter while things are quite atm. Think of it as a very gentle hazing of the new guy. Just remember, nobody on HC owes anyone else on HC anything. If we all play nicely together (and don't get triggered too easily), some punters might extend themselves to help others. Others might not. We can take it or leave it.

On actually reading comments: If you carefully re-read Red's reply you will see he wasn't talking about AF's holdings. He was painting a hypothetical situation in a subtle attempt to also highlight your earlier order of magnitude decimal error. It was much less overt than my approach and required careful reading and a bit of thinking. That said, do understand how the style may not have been appreciated.


Back on topic: AF has been averaging down since his initial involvement with POS when it was re-branded from Niagara Mining at the top of the Ni market all the way back in mid-2007. Just goes to show that even gods billionaires are not infallible. There's a fair amount of white-knight syndrome I have observed when Twiggy's name is attached to an enterprise, but it's worth remembering that (imo), like all good billionaires, he's generally out for himself. That said, he did fully support our large CR in late-2018 by taking up his full entitlement. There was the question, imo, of how much of this related to a vote of confidence in Ni/POS versus avoiding being diluted to <10% in favour of BMM - our other cornerstone holder and the new kid on the block at that time. In short, a question of self-preservation v. being actively committed to an company/investment thesis. His recent additions to his Ni holdings (MCR) suggests the strategic motivation was likely the latter, rather than the former.

It's nice to see the Board composition issue now resolved. With two headstrong cornerstone holders on the register with agendas that don't necessarily align with each other's or the remaining shareholders, I think our new Chairman (DLF) will have his work cut-out balancing all interests and steering the ship. Let's hope it's not going to be as problematic as I fear. I was very happy to see an experienced miner in the calibre of PH being appointed as MD/CEO. That's a very good start, I reckon, but if this company is going to do anything meaningful in the Ni space, then the NP needs to improve... materially. Hopefully PH's (and the Board's) strategy, timing, and execution with POS will be better than it was with PAN - albeit involving different challenges.

Cheers,
Z