ex-fmg exec is the new managing director

I thought this was worthy of a new thread for discussion on the merits and ramifications for ATI. My thoughts on the subject:

Firstly, its a very interesting choice. Not a "mining man", but a "money man". I am happy with that! At this early stage of proceeding they can use contract geologists for exploration, later they can hire appropriate mining men ... At this point we need a wheeler & dealer to get this project to the finish line. Preferably someone with the understanding of Vietnam, and the ability to get the deals done. Looks like he is the man! As they mention:
"Mr Minosora was instrumental in the identification of and securing the Bao Loc bauxite project during his time at Azure Capital. His familiarity with the project and relevant Vietnamese authorities in addition to his credentials as a financier will be invaluable in progressing the project through exploration, funding, development and production."

Secondly, this guy was set in jelly with an exec position for the "new force" in iron ore, FMG!!! Then he leaves that to come and work for a PENNY stock called Atlantic LTD!!!

"What the????", I hear everyone at Fortescue saying .... "Is the lad out of his cotton-picking mind????"

No he clearly is not. He knows the project well, and therefore knows just how good or bad it is. He has been given an interesting incentive packet, almost "Twiggy-esque" in its details, that will either make him very rich, or leave him with a $4mill debt in 5 years.

That brings us to the jewel in the crown IMO ... the 99 million share package! Now that is a beauty. This is obviously the "carrot" that drew him to take the position. The real beauty of it for us shareholders, is that it was made at a premium to the VWAP, and not at a cheap discount. However what is MOST IMPORTANT, is the paragraph that reads:
"None of the Executive Incentive Shares will be tradeable unless the Company’s shares have traded above 5.0 cents each for more than 10 consecutive trading days."!!!

So he has to to go into a $4mill debt - albeit interest free - to PAY FOR his OWN incentive package. Then, unless the shares hit 5 CENTS, he cant sell & he has done his dough!!!!

I love it!!!

Bring on Monday ... and Tuesday ... and Wednesday...


LOL