For what it's worth, I am voting against the resolutions. Is Mr. Finlayson in possession of photographs that compromise one or other of the SBM board??? It is hard to conceive of a more disgusting destruction of wealth at a 'going concern', than found at this company.
The meekness seemingly of the SBM board and their failure seemingly to encourage/succeed in creating a bidding war for high value assets is sickening. Completely unemployable vermin the lot. It is not often you see treachery of this magnitude- first the shameless destruction of wealth, and then the keenness to close a deal with a rival company.
The directors think they can continue to run two mines in foreign jurisdictions (Atlantic and Simberi operations), because they've done such a great job of it to date...(but don't forget should GMD succeed, SBM will have $197M in cash and a few shares in other companies). When will one of the directors explain how the company has found itself in this position? When will one of the directors explain the steps taken to raise cash like Resolute did to pay off some of the debt? Considering the directors have presided over the wealth destruction, how can one trust the soundness of their decision to accept the GMD offer? 'But we received no competitive alternative offer...'
I feel sick...
SBM Price at posting:
60.0¢ Sentiment: Hold Disclosure: Held
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