Ann: Shareholder Update, page-143

Two points I’d add to all the useful discussion and reflection here: the current “20c” FFX share price is nothing but a point in time closing price, from when none of us had any information or knowledge on what had been going on inside FFX. It shouldn’t imo be used as some sort of marker or yard stick for true valuation. The component value of 20.8c from the recent appreciation in LLL value shouldn’t mask the fact that we were invested in a gold mine first and foremost, and we are now being told that it is worth nothing, and that all of the hundreds of millions of $$ of investment was worth nothing to anyone. To be frank, I consider the corresponding operating debts of Morila to be relatively small overall (~$50m?), and a large chunk of it should already have been shaved off after nearly a year of mining & gold sales that we know has been occurring there and that has certainly not ended up in our pockets.

And secondly, I certainly don’t propose spending large sums on investigations and inquiries BUT I also simply do not believe the management or directors. I do not trust anything they tell us about this process, and I would rather the sums being spent on directors and fruitless processes (like paying legal fees and commissions for offloading Morila when there is no return from doing so) was spent on getting clarity and closure.

Are other holders here really of a genuine view that the current board, and with its current composition, is here for our benefit? After that farcical Annual Meeting and this continuing string-along, I certainly don’t. And this is why imo incumbent directors must be told to make room for other independents to come in and assess the situation, or they should be sacked and replaced immediately.