Let's see: Minimal news flow, complete turnover at the...

Let's see: Minimal news flow, complete turnover at the management level, inexperienced and apparently still visa-less 'interim' CEO, a CFO in what appears from his bio to be his first senior management role (perhaps first management role, period), a 20% share price fall since the last announced senior management change and more than 30% since the former CEO stepped down and the Mr Zaqian Zhang was promoted to CFO, only three board meetings last year despite the PFS release and CEO resignation, what appears to be more than 100% turnover in the company's geologists, no material changes in resources or reserves since the Coolgardie PFS was released nearly 9 months ago, no update on progress of discussions that were described as very important discussions with third parties, no guidance on acquisition strategies, divestment plans, or changes of business model.

The definition of a boring basket case. Yet, for some reason, yesterday had one of the strongest volumes in a year or so, and today was pretty decent too...

I hope the company is keeping the ASX informed with whatever they are doing and I for one look forward to finding out what their plans are.

Some plans could be good, for example:
- If they are working on a full Shandong Gold takeover: Very suss, but at least there is a premium and an exit.
- They are stitching up a deal with neighbouring companies to increase the PFS value through tolling, access to resources, or infrastructure etc: Good, then I may have judged management too harshly.
- If they are working on selling assets, which would most likely Coolgardie since Focus said it was 'under review' in the AGM presentation: Any sale in this environment would increase the cash balance to greater than today's market cap. As long as they paid it as cash to shareholders it could be an ok outcome. Unfortunately, I think it is more likely they'd waste any sale proceeds through one of the 'bad plans' below:


Others not so good:
- If they are looking at buying something so they can keep the parent company happy by producing gold: They've proven their incompetence and would have to pay full value in this environment - very likely value destruction, just faster than now.
- Status quo: More can-kicking, more value destruction.

Do any of you see any other likely outcome?

Sentiment marked as 'negative' based on my perception of the balance of probabilities of Focus' plausible plans.