FFX (ASX) Cutting your nose to spite your face

Originally posted by malay ↑

I quote a statement from @JayWin

"Just can’t figure out why ex directors would sell at such a depressed share price. At the very least sell when it’s back up to 70c or 80c??? What silly people... glad they’re not on the board."

They are not doing themselves or their families any favors. They should have admitted their mistakes and learned from it. Instead of that," they cut their nose to spite their face". Have they considered that, by keeping they are tax planning, maximizing their estate assets value, which will benefit their families instead of dumping, which is like throwing everything away without caring for the consequences?

Ex directors appeared to be complacent.

They tried to sell the lithium project cheaply. Since then we have established a world class lithium project.
"
Goulamina Lithium Project
Drilling program has delineated substantial additional spodumene-bearing pegmatite.
Sangar consists of two distinct bodies extending over at least 1km - both are thicker and higher in grade than the Main and West pegmatites and remain open to the north and south.
Main and West deposits show significant extensions – both are also open to the north, south and at depth.
Wide-spaced drilling has established continuity of pegmatites at Danaya and Yando over 1.5km of strike. •
Work on Maiden Ore Reserve and updating Goulamina ."

Our resource has since treble and in the longer term we could be looking at a 100MT project with a 4MTpa plant

Lacking intense in gold exploration.
Gold Projects
Gold projects reviewed to define high priority targets and auger drilling planned.
Airborne magnetic and radiometric survey at Goulamina extended to cover gold projects.

Corporate
Highly successful placement raises A$12 million to fund Goulamina Project.
Malian subsidiary companies’ financial and tax status now in good standing. (The company had to pay penalties, update and do the necessary paper work to secure the companies position and to secure the right people to ensure that all work are done properly.)
We are currently talking to potential offtake partners, with a view of mining the high quality world class lithium together

The future for BGS is indeed bright.

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As for the ex-directors selling,
Kevin Joyce sold off his holdings (or enough of them not to be in the T20) between 25th August and the release of the November T20, the share price in that time was in the range of 24 - 47c.
As we were all aware, Joyce had some tax issues and may have needed to cash in as well as he was now looking for a job. His linked-in bio says he is running a Geologist Consulting business, but no current permanent employment (relying on link-in information being updated of course)

Winton Willisee has been smarter with his holding and has only sold off a portion (550k) bear in mind he also had other holding accounts, but he is still in the T20.

Hugh Bressner - well who knows, h was never in the T20, so tracking his selling is impossible.

IMO it was the ex-director that was elected after the board were removed that converted his options and sold them off, although we are only surmising as there is no way we can tell who the actual seller was (there were 3 parcels of 1.5m issued to Minemark partners) and as @malay has indicated, possibly spite considering the said person would still be eying off HotCopper and with the "turf wars" and the illiquidity of BGS caused an impact, couple that with Hartley's being the other to convert options (and we know their form)
The balance of the options @33.6c and 33.6c expire in June, and I think that will basically leave us with just the "current board" holding options.

cheers