WHAT?Debunk, seriously, was that the offer the board rejected?If...

WHAT?

Debunk, seriously, was that the offer the board rejected?

If so that is truly appalling.

Even if not I'm now of the opinion that the board has seriously let shareholders down and should resign.

Given the structure of the ip they had a few key things to do.

Firstly they had to comply with the terms of the ip agreement, which they did not. Interestingly, they mention in the announcement that some of thevbreaches were minor, but fail to disclose any of the major breaches. Irrespective of whether Strange Investments provided notice to remedy, management failed to ensure compliance with the terms of the license. And they failed.

Secondly, they failed to manage the key stakeholder relationship effectively. Given the structure of the IP license, it's clear that maintaining an effective working relationship with Warren Strange was very important. Given recent events, this hasn't happened.

And lastly, the analysis of the drills performance at merriden allegedly by an undisclosed director shows poor maths and a lack of understanding of how to measure drill performance metrics - you don't calc productivity by dividing by the total time in the period. Penetration rates are measured in terms of drill meters/drilling time. Average productivity can take into account bit changes etc. Minor point relative to the other two, but highlights a potentially poor understanding of the business they want to be in.

Globe drill has managed to manufacture a drill, but failed to use it effectively! Perhaps it should limit itself to being a manufacturer and let people who know what they're doing do the drilling? Hiring rigs out out a day rate, but perhaps with an option of providing drilling services within oz could be an option.