First post on Hotcopper, which you joined this month, it would seem.
Simple question - do you work for with Welker, like poster x64action seems to, or at least has some association.
I do not trust any of the directors who have taken over Medusa and dispatched its former Chair/CEP Andrew Teo, who while not that great a manager, managed at least to keep the company out of financial strife and not issue masses of new shares as so many other goldies have done. I was concerned with the manner of his departure and was debating whether I should exit - it seems my gut instinct was correct.
As for Welker - you do not get to be one of the 200 richest persons in Oz by playing fair, even if the media may say he is a great guy. When you operate in the financial sector, as he does, you manipulate things to your advantage.
For a better understanding of what transpired in respect to his termination of employment at X64, its instructive to read the latest company press release of today
If the information in this press release is correct then I will have to vote for the currect crop of directors and hope to see Welker sell out of the company. I doubt that there is going to be much if any value in the tenements he brought into the company - it was costing him holding the moose pasture and he found a sucker in Andrew Teo willing to fund the exploration.
My main hope is that nobody gets hold of this treasure chest and that the management can stay focussed on delivering the profitable operation of the current mining operations.
I have no interest in the company wasting its money on buying back shares, at least until it is much closer to completing the decline. And in any case the funds may be better spent on acquiring other cheap assets with actual resource/reserves defned rather than some tenement nobody was interested in.
GLA.
loki (I have at times held shares in Medusa since early 2009.)
X64 Price at posting:
60.0¢ Sentiment: None Disclosure: Held
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