re: Ann: Low-Cost Gold Production Pathway for... Today's...

re: Ann: Low-Cost Gold Production Pathway for... Today's announcement is obviously welcome but it highlights a major long term worry of mine. That is the suitability and credibility of the Board. Our chairman has in the past been reported as saying that he is an explorer not a developer. If RNI is successful in executing the plans outlined in today's report it needs a renewal of its board.

Many posters have referred to the lack of buying support. This can only be partially blamed on market conditions. From discussions that I have had with investors many expressed the view that the current board does not give them confidence to invest.

The resolution contained in the notice of AGM for the directors to receive options with an exercise price 12 cents further damages the credibility of the directors and obviously carries with it adverse sentiment to the company. If directors can justify the issuing of options then, in my opinion, it should be at no less than 35 cents. The directors are obviously aware that shareholders are opposed to this. Particularly as I understand that some of their own advisors and at least one director are opposed.

I cannot understand how the directors can propose the option deal knowing that it damages the credibility of the company. This straight out of WA Inc play book of the 1980's.

I intend to vote my 2 m shares against the options, against the renumeration report and against the re election of the only director standing at the AGM. I am also considering voting against the top up provision to issue more shares as I currently have no confidence in the current board to make the right decision. If there is credible CI then why not put any further issue of shares openly to a meeting of shareholders.

It is interesting to see how they have framed the option resolutions into four separate resolutions. Presumably this is so that they can vote for each other.

The only issue of options that I would consider would be to Albert Thamm
But only if the exercise price was 35 cents, same as the Bluecrest price.