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Ann: Update on Co-O Operation and Voluntary Suspension in Trading, page-36

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groundhog2

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08/03/23

20:18

Post #: 66665788
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Originally posted by ThinkinLoudly: ↑

McGlinn appointed Non-executive Chariman simulatneously as Teo assumed Managing Director role : 19 March 2021
Drummond Basin Gold acquisition announced : 3 February 2022. Transaction completed 24 February 2022
Roy Daniels retires as a director : 28 February 2022.
Notice given by Daniels 28 October 2021Paul Ryan Wenker appointed Non-executive Director : 3 March 2022
Paul Ryan Wenker appointed Managing Director -: 9 March 2022. Teo displaced (apparently)
Andrew Hunt appointed Director : 16 March 2022
Jeffrey McGlinn appointed Executive Chairman : 3 May 2022
Aaron Treyvaud appointed Non-executive Director : 3 May 2022
Paul Ryan Wenker resignation/terminated as Managing Director : 5 July 2022.
McGlinn effectively new Managing Director
Circus Royale in town: Supreme Court Proceedings : 9 July 2022
Dribble Section 203 and 249 notices : 22 July 2022 249F notice withdrawn : 9 September 2022
Replacement 249F notice : 23 September 2022
249F General meeting (resounding failure, A#1.0m later) : 26 October 2022
Dr Kate George appointed Non-executive chair : 24 November 2022
McGlinn appointed Managing Director 25 November 2022
Voluntary suspension announced : 28 February 2023
Rationale of voluntary suspension presented : 7 March 2023 identifying revealed need for operation audit round all facets of operating mine.

It would seemeriod 19 March 2021 -> March 2022 : Teo driving company until replaced by young gun Paul Wenker. Agenda looks like Teo didn't improve the business as much as was contemplated when appointed MD;
period March 2022 -> July 2022 : Wenker driving company so well that board needed to terminate his contract. (His apparent love affair and pre-occupation with Drummond was I think too much).
period July 2022 -> November 2022 : [Thankfully] Closing out Wenker tantrum
period November 2022 -> February 2023 : Critical assessment of mining operations with view to improve
period February 2023 -> : Implementing significant structural change which looks to be not going down well with the locals or incumbents

All in all looks like a pretty basic operational improvement cycle starting at the top. Board re-configured. Leadership tem getting a renewal. Non-performance not surviving which has got to be a good thing.

Not sure the sky has fallen ...

Interestingly I think the current board has the support of the major shareholder and I'm aware of board engagement communications with Arbiter so all is not hopeless ... none of the above should be dismissed as dills ...

Re current operations, cash balances and Tigerway Decline advance ... I'm anxiously waiting for audit confirmation of balances at 31 December 2022 to eliminate impropriety but otherwise, nothing is screaming that 2 of 4 wheels of all 4 wheel mining equipment have been removed ...

have a great day

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Great post thinkinloudly. DYOR

X64 Price at posting: 57.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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