hi denver, it would have been a master stroke if he had used the funds to provide shareholder value. vineyard?? i have been a shareholder for many years, when this company made mobile modems. the modem business wasn't doing much until they hired a MD who turned everything around and the company was on the move. mick sacked him because he didn't get on with him?? they sold the business for about 8 million. we tried to vote mick out, but he produced millions of off shore votes (he owns more than 17 million shares) and we failed. mick then lent 3 million to a mr.byrtt who didn't pay the money back, it took 3 to 4 years to get that back thro CLR. yes CLR came up trumps, but it was a fluke, it wasn't strategic in any sense. he has lost millions on paper from .8 to .2 but still seems to think hes doing the right thing,vineyard (plus supplying money to develop it), buying back shares with money we could use to explore, giving himself and the others big bonuses and options, buying a house/office for 1.3 million(did we really need that). the market wants nothing to do with this guy (he and his mates are buying the stock, not the free market), he only recently brought on board a guy who has experience in exploration 18 months after we started exploration??
if i can get five percent of the votes (i have 2 percent) we can force a general meeting to have a director removed or appoint a director using a 249D. at least it will shake up the management and they can start to listen to us, the shareholders, instead of running his private company!! cheers
WAL Price at posting:
21.0¢ Sentiment: None Disclosure: Held
