demise of red5, page-21

From the 11th Dec announcement

"Underpinning these productivity improvements is the transfer of direct management of the contractor’s mining operation across to the Company mining team and the introduction of new mining equipment to expand and change out the inefficient units within the present fleet. The production reforecast schedule is based upon these changes being fully implemented by the end of January 2013"

From the 23rd Jan 'Managing Director Appointment'

"Mr Johannes (Steve) Norregaard has been appointed Managing director, effective 1 February 2013"


I was considering the information from these two paragraph's together. While there's a multitude of very plausible reasons for JN to commence on the 1st of February, an additional benefit may be to ensure he is not tarnished by REDs inability to implement productivity improvements by 31st Jan. It would also provide JN a two month period to fully implement proposed productivity improvements before the end of Q1 2013. This is pure speculation on my part as the necessary information has not been released. RED may have achieved the proposed productivity improvements and the 1st Feb may have simply been a convenient time for JN to commence employment with RED.