No one is not replaceable. Jimmie has played the corporate game well to his favour by awarding himself performance shares and options. He knows and probably can feel it in his bones that one day he will be threatened of his throne in this company and rightly so.
I personally can’t see any harm in replacing him at this valuation. Worst case, this will be used as a shell for other projects. The share price destruction is already done and I personally can’t see this revert back if the current management stays.
Next set of results will determine whether they get one last chance or not. If no progress and the destruction of the value continues, I would say his position at the throne will come to an end shortly after.
CI1 Price at posting:
9.6¢ Sentiment: None Disclosure: Held
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