Not that I'd expect him to stay past Christmas but we have no need of an MD on $700k from the end of the services agreement with GF for managing Goula. If we are to buy exploration projects next year then we need an MD on not more than $300k.
I don't think we'll have the money to be buying into a shovel ready project that requires Simon's project building skills next year unless it's something like a half share of WR1 - they obviously have their own management that aren't likely to up and retire because Simon turns up wanting to run things, but if something like that opportunity comes up it is worth exploring, and would be put to a vote so....lets see if they can come up with something that wins our approval. It's likely the search is on now in the background. No harm in looking for a value adding project on behalf of shareholders.
The above said, it seems the asx aren't the biggest fans of the company and it's slightly more likely on balance we do shut up shop next year and return capital. If that is the plan and Simon leaves after the services agreement we don't need an MD on more than $200k to manage the following 12 months of not having a project and likely just tying things up. Mostly that's just going to involve supervising legal and accounting contractors to do the actual work and a 3 day work week. The current Chair could and should do that role IMHO.
LLL Price at posting:
50.5¢ Sentiment: None Disclosure: Held
(20min delay)