Agree Holdonman. If the board were wanting the market to trust them, then a simply, blunt and perhaps unimpressive operations update should have come with today's announcement.
If they are simply waiting a couple of days to say, ok, Darren has basically not been up to the job, in the interests of protecting his 'reputation', then I will likely sell on the same day, as if the board have taken so long to realise that Darren is not up for the job, then they themselves are proving to me they are not up to the job either. Lots of good gold stocks on the ASX, perhaps not as undervalued as ABU, but def better managed.
I have sold 20% of my holdings today, just to reduce my risk a little.
On the positive, if Brett (the new guy wants the job long term), he will have to put out something soon operations wise.
Also have to change my sentiment, until the company can prove to be on the ball.
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I for one am glad that Holden has stepped aside. Too many mistakes together with poor decision making, not only by him but the rest of the Board. Taking that additional board members have come from other companies that have taken a major stake in ABU, and, in my opinion, their decisions were more in tune with the interests of their parent company. Absolutely convinced that had we continued with the strategy of self funding from the proceeds from the fully functional trial plant, we would indeed be seeing a much higher price for our shares than that at present. Remember the strategy was to produce 40-50,000 ozs of gold from a fully paid for plant next to the site where the resource was located. Once production stated, I have no doubt we would have taken up the options regarding the new plant and infrastructure and put that in place.....time frames would not have been too different from current status, except we would be producing a similar amount of lower cost gold from the smaller plant, creating wealth to pay for expansion, as was always going to be the case.
All the board remains in tact. Holden still has his very highly paid job. Another, hopefully a more credentialed and experienced person will come on board as the CEO... and another significant slice of the pie will be paid for his/her salary. All right if we get the right person but look at the past history of the persons, existing board members, who will making this decision. No convinced they have the capacity.
Again, as pointed out by others on this forum, where the heck is the 3rd quarter report? Surely, it has to have been prepared by now! One has to question the competence of the board as a management group once again. They make an announcement which is completely off the grid, and forget to release the vital information which the market and shareholders alike are so desperately waiting for. By all means replace, or in this case move him to the side, a fellow who needs to be replaced but there is no excuse for continued poor communication and ineffective management. If 'Report' has not yet been completed then why have they not sacked the incompetent person/s who have had the responsibility of its completion and timely release. Stop rewarding incompetence which is costing shareholders heaps.
No real answers which just leads to misinterpretations and conjecture. This just shows the continuing incompetence of our company's leadership. Its no wonder a number of holders are selling even at this stage of the game.
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