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0.1¢ cyclone metals limited

Ann: New Executive Chairman Contract-CFE.AX, page-18

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rae915

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03/09/16

08:56

Post #: 18904743
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Originally posted by theraven ↑

The support dried up in the last AGM with none of his resolutions passing and we saw one of his mates knocked off the board.

I take it - a guess - that it was TS' turn for re-election, hence why they have gone the contractor route. (My opinion only) With African Minerals administrators owning 1/5 of the company and TS not allowed to vote on is own re-election, I find it hard to believe that he would get shareholder backing.

It is my opinion only (disclaimer for the HC police) that TS is using the stock market to create a large cash flow for himself at the expense of the shareholders. 2 years ago CFE had 50+ million in cash assets in the bank and a swag of high value assets. Today we have sub-4 million available, only due to a suspicious cash raising exercise and one or two speculative assets.

The cash burn makes no-sense for what little is achieved, if the commodities market is the problem at the moment. Put the company into 'care and maintenance' - we cant afford to buy anything anyway and will have trouble getting further investment, so the best action would be to stop the cash burn. The directors should move to a performance based remuneration package and a minimum retainer.

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I stand corrected. Would like to see a change.

CFE Price at posting: 1.9¢ Sentiment: None Disclosure: Not Held
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