As a long suffering (and luckily, relatively small) shareholder of Citigold, I am constantly amazed at how little genuine, specific, time bound commitments are made by the directors of this company.
Who, out of any of us, would expect to keep their job if they put forward the open ended, cash burning, continual failure that has come out from this companies management and its board? I fear not only for the shareholders, but the hard working employees of this company. We all deserve better.
At what point do the shareholders demand a little more accountability from their board and their executive? Given the long term failure to meet what little details have been provided over time, it would clearly be appropriate and in the best interests of the shareholders.
I feel that we as shareholders need should put the current management and board on notice and demand some serious performance management initiatives.
There should be a timetable, which binds them to certain performance targets and claws back the equity they have seen fit to reward themselves with if they fail to add the value they committed to deliver. Their contracts should stipulate that they will be terminated if they cannot produce a reasonable timetable and then reasonably meet it.
At this stage all I see is open ended promises and round after round of dilution with bonus shares and options being handed out like confetti in secret back room deals. And oh my, if they dare tell try to tell me another life-support capital raising is a WIN, I think I'll rip my PC out of the wall. Bits and pieces capital raising = dilution = Failure.
Sorry to vent, but either there is the value that CTO claims is in the ground and management has simply and undeniably failed to deliver or there is not the value in the ground they claim and we as investors need to know that, and then demand the appropriate action in light of that information.
So the question is, what needs to happen to force more accountability from the board and executive?
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