Melanie and new director are corporate governance experts….. I...

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Dash112

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05/01/24

16:58

Post #: 71747356
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Originally posted by timmasbd: ↑

It's quite laughable that they say they have a "positive outlook to create shareholder value for 2024" and lament that the new proposed board "doesn't have a forward plan".

They then say they've got things in place to get funding (i.e. the entitlement offer which only raised about 15% of what they wanted and is just further diluting shareholders) and are "looking for other value adding projects". So essentially they raised a heap of money last year to do further drilling - which they then didn't spend on drilling (and god knows where that $2.5 million actually went - probably to director remuneration or paying mates in SKA to give us a nice resource downgrade). They've now only raised about $200k through the entitlement offer, which isn't going to get them squat - and will probably all be spent on director fees again. And they haven't released any detail about these potential new opportunities or what their "strategy" is to get value out of elizabeth/blackdome. You then look at the details of experience for both Melanie and Andrea and they are both directors of "...a corporate advisory company based in Perth, Western Australia..." involved in advisory services to public listed companies. So it's essentially just "jobs for mates" so they can take whatever little money they can drag from shareholders to pay themselves. This reeks quite a lot of TMZ, who de-listed because they didn't have enough directors, then employed a few new directors but have remained unlisted and continued to dilute shareholders to hell and sell off assets to pay their own salaries.

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Melanie and new director are corporate governance experts….. I would say that governance has been the downfall of TMR …. Or lack of.

Management allowed to go unchecked.
I could go on but so many misses on own corporate governance statement…. Which is really BODs contract with shareholders.

So amateur.

TMR Price at posting: 0.5¢ Sentiment: None Disclosure: Not Held
5 Upvote

2 Great analysis

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