It's his job! - he's paid half a mill to make things happen and to "deliver the strategy of the board" ( from the CEO 101 playbook)
and - we shareholders buy and sell with our hard earned cash based on what these guys tell us.
His job, along with his exec is to sign off on a plan his operational guys come up with and THEN DELIVER THE XXXXING THING, regardless of what happens ( that's why we put contingencies and scenario planning into plans).
These guys failed at the first deliverable.
as regards an indication of the competence of management and the executive, you cannot have a bigger fail.
So to me,
the plan to make Simberi the cornerstone mine is dodgy ( location, track record, previously declared intention, costs etc) and execution was off to a terrible start, but you would like to think they can retrieve the situation....
I would expect the Board to tell Strelein his job is on the line in no uncertain terms and to get it done.
full stop
I am now conflicted as a value investor, as with today's announcement (listed investments being worth $35m) and with cash being circa $220m, the cash equivalent assets are worth 31.2 cents per share and with the current SP being 22.5c, the mining assets are valued at MINUS 8.7c per share or NEGATIVE $71m.
That makes them a value buy, as there is no way these idiots can burn that many $100 bills!
or can they???
Wazz
SBM Price at posting:
22.3¢ Sentiment: None Disclosure: Not Held
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