Ann: Shallow Gold Resource Drilling at Kalkaroo , page-5

re: Ann: Shallow Gold Resource Drilling at Ka... Kev,

I too feel a tinge of regret for the likely fate of Chris Giles but the fact remains that under any possible scenario he will still be doing very nicely.
Directors hold around 15% of Havilah's shares and yet have continuallly made momentous decisions on behalf of our company without reference to the other 85% of shareholders.
This has always been the way with Havilah and has led to some unfortunate outcomes for rank and file shareholders.
Consider that just a little while ago our directors identified a resource to be sold (Kalkaroo) and were subsequently offered a price "substantially in excess of the current share price" (then 65 cents) in order to make a capital return to shareholders.
Soon after, however, our directors inexplicably rejected all the offers short-listed by their paid financial advisers, Standard Chartered Bank, seemingly because they personally, and without any reference whatsoever to the rest of us, decided they were unhappy with their offers.
In hindsight, Standard Chartered Bank should have been engaged to sell Kalkaroo to the best offeror, without reference to our directors.
Our geologists, as much as they can be lauded for their discovery of Kalkaroo, demonstrated little grasp of economic reality as to its real market value, and, as a consequence, the promised capital return of, perhaps, around $1 per share, courtesy of the sale of this single resource, was lost, only to see Havilah shares recently trade for around 20 cents each!
Our directors, far from securing a profitable outcome for the majority of shareholders whereby most of us would be "free and clear" with residual assets "going for nix", instead, made a massive and unforgiveable error of judgement which continues to cost shareholders immeasureably.
Why did this happen?
Simply because our directors are continually defined by their inability to consider shareholders best interests at the expense of their own deluded estimations.
I believe that our directors have historically looked upon shareholders as a necessary evil whose role it is to do no more than provide funds as required and otherwise, well, shut up.
We desperately require more pragmatic directors who can quickly and efficiently convert our marvellous treasure trove of saleable assets into cash for shareholders.
Beyond that point.....well, who really cares.