Gone is a full time CFO with a track record they talked up when they hired him - just 5 months ago. Replaced by someone who has never been a CFO before - when Conti is hanging by a thread - as per the auditors going concern and material uncertainty comments & PL's comments at the most recent GM.
Then they tell us today that JB is CFO but it will help him out with his KAB commitments as well.
Any new cost savings are going to the parent for working capital purposes.
Meanwhile why can't Rachel Herbon step up to a CFO role for the Group rather than just Mashala? Make her earn her $200k plus bonuses. Okaps in the background to help support her if needed.
It's ironic - one of the key architects of stuffing things up is now going to be in control of selling off the assets. Mmmmm maybe it's not ironic.
Penumbra is hardly just off schedule. It's well over a year behind original estimates and still behind revised estimates throughout 2012.
We've also been told for months that the ABSA drawdown is available and they'll soon be drawing down on it - but it hasn't happened yet.
The original Mashala transaction was meant to be completed in November 2011. Vanmag the never ending story continues and Colombia has fallen off the radar.
The only successful completion of anything has been Bruce B's $4.6m payout - 20% of current MC.
Any wonder AM wants to stick around for another term and Maritz had to seek other opportunities.
CCC Price at posting:
5.5¢ Sentiment: None Disclosure: Held
