HAV

2.70%

19.0¢ havilah resources limited

The Independent Directors and CEO owe a detailed apology to Dr...

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23/09/19

12:41

Post #: 40526183
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Originally posted by That Fundamental Guy: ↑

I accept that for the most part, the EGM is water under the bridge. However, there was one thing that has payed on my mind so I went back to the recording of the EGM.

At the 1:21.00 (1 hour 21 minute mark of the EGM video posted above but also accessible from HAV's website https://vimeo.com/359747060)

Chris Giles says that he and Richard Buckley (Havilah's Senior Mine Planning Engineer and the only other staff member with technical expertise listed on HAV's website) were not consulted on the milestones to be achieved as part of the GFG finance deal.

Further, Chris Giles states that he expressed that in his opinion the milestones were not achievable and this view was ignored.

This raises three questions in my mind:
Why wouldn't those negotiating this deal consult Havilah's own technical staff of the technical aspects of milestones to be achieved as part of the financing proposal.
Why didn't the other directors and CEO listen to HAV's own technical staff with respect to technical matters.
The fact that the company's own technical director thinks technical aspects of a financing proposal are not achievable is a very material fact yet this was left out of all information provided by Havilah to shareholders.

I might be able to accept the other other directors and CEO ignoring a technical director's view on legal or financial issues of a proposal, however, I cannot think of any reason why they should disregard the company's own technical director on the technical aspects of a financing deal that is conditional upon meeting technical milestones that he says are not achievable.

This appears to be significant and material information that was withheld from shareholders.

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The Independent Directors and CEO owe a detailed apology to Dr Chris Giles and to the shareholders. Will it happen?

If not ....

Otherwise, if they have any honour - their resignations should be on the table now!

Waderyrekon?
HAV Price at posting: 13.0¢ Sentiment: Hold Disclosure: Held
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Last 19.0¢		Change 0.005(2.70%)		Mkt cap ! $60.16M

Open	High	Low	Value	Volume
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