re: Ann: Notice of Extraordinary General Meet... Well the latest...

re: Ann: Notice of Extraordinary General Meet... Well the latest announcement is one of the more honest announcements they have made.

IMO they need to
1. restore investor confidence by sacking JC, no one with this mans track record should be an executive of a company like this. Putting out an announcement clarifying how and why past production methods failed so miserably and the new approach going forward.
2. All old options should not be renewed including investor options and director options as payment.

The whole point of options is they have risk built in in terms of the exercise price vs the shareprice at the time they fall due. Directors are paid them as an at risk performance payment, since they didn't perform they should loose the options.

Reissuing these options would be tantamount to a bailout of previous investors and directors by potential new investors and actual shareholders. It greatly reduces their equity and risk reward profile.