Haven't posted on HC for a long while but today's announcement (IMO) is the last straw for me and has prompted me to share some key points.
1. BOD continue to look after themselves, first & foremost, and IMO there is STILL no hard evidence to suggest that they are in any hurry to wind the company up or to finalise a transaction for shareholders.
2. Today we found out that (for the March Qtr) the BOD spent ~$1.5m on themselves, Treadstone & legal, and delivered what exactly? 'Advancing the process to include detailed negotiations and finalisation of key terms & conditions of a potential transaction?' PLEASE!
A potential sale of Morilla with a contractor for nominal value?
In other words, their intention is to give away Morilla for next to nothing after spending hundreds of millions of dollars developing the 'asset', and STILL they expect shareholders to support them by continuing to pay them indefinitely (i.e. now & for the foreseeable future) and reward them for their previous monumental c*ck-ups of the past? FMD!
3. 'In the event that the Process fails to deliver a binding agreement, then Firefinch will commence the process of returning cash & Leo Lithium shares held by the company to shareholders. This will be undertaken by the return of a majority of current cash to shareholders.....'
Majority of current cash? What, so they can use the rest to reward themselves handsomely for another 12 months or so and find more ways to destroy shareholder value? NO THANKS!
And what does 'majority of current cash' mean? Returning 51% to shareholders?? Wouldn't put it past them. Sorry, but these guys can never be trusted with retailer (Mum & Dad hard-earned) money again IMO. A leopard simply never changes its spots.
During the last 2 years shareholders have been taken for a mother of all rides IMO.
But like a horror train bound to an endless loop, unbelievably STILL the ride continues.
A fellow shareholder said it best recently.
'Shareholders continually being taken advantage of… these guys absolutely disgust me… 12 months in halt FOR NOTHING. 3k a day to Fraser FOR NOTHING. 6 months at 100% wages FOR NOTHING. Another 6 months at 80% FOR EVEN LESS THAN NOTHING. Performance options… are you kidding me'
In summary, it should now be clear to anyone who's been sitting on the fence re: the 603 & 249d that the time to take back control of YOUR company is NOW (IMO).
Am not one of the organisers but all power to them IMO. It's time to remove these incompetents (white collar criminals??) before they spend the next 12 months finding ways to remain relevant while siphoning the remaining $34.5m of OUR hard-earned.
(20min delay)