I am going to buck the trend and say I am not going to vote no.
When Ron bought this mine and soon after he was CEO of a minnow with a MC of around 10m. Now the market cap is around 400m and I am in the camp that thinks the MC could be 1 billion plus in around 1 years time if all things go well. As the sp rises my view is more retail investors will take the profits and more institutional investors will take their place.
Although Ron has done well at some point in time after buying this mine he must have trod in a whole heap of dog poo to have the luck that has come his way. I dont think he and his team are the best fit to run an operation with this type of valuation and I suspect he knows that at some point in time the management team will be replaced and so the rights give them a reward in the short term that they cannot lose, also termination rights for me point to the same outcome rather than a buyout
For me the main mistakes he has made are drilling the copper tenement , for me that was the explorer in his heart not the business man in his head and also the timing of the last cr. IMO they where taken aback by how fast the sp rose so grabbed at the money where better planning could have raised the same amount with a little less dilution. The funds had to be raised but it could have been done better.
I suspect they have a majority to pass this as they would have known it would be unpopular with most retail investors so why would you put this up if you did not have the numbers, short answer, you wouldnt.
If I am right I dont begrudge them this payout so given I think the result is already known I will not vote at all.
Just my opinion (which I am sure many dont share)
LRV Price at posting:
86.5¢ Sentiment: Buy Disclosure: Held
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