In my opinion, our management's philosphy has been to have a "finger in a number of small pies" , paying a lot of attention to them, and as our percentage uptake is only around 10% we have no control over them.
The spreading of risk is an excellent idea, however, with 72% stake in Fausse Point we definitely have a very strong say, but our management has grossly neglected this project.
The Fausse Point project has been in progress since 15/9/09 (over 2 years)and still waiting for an outcome. Our management has been talking about a farm-out etc since 25/3/11 (over 6 months), and it is still in limbo. On two occasions, GGP the operator has stated that the delay of the Fausse Point side-drilling is due to the VIL management not having completed the farm-out dealings.
Yesterday's BRR broacast was a non event without any new details whatsoever.
The appointment of Greg Lee as executive director has not improved the performance of the share price or the fast tracking of any of the projects.
Based on the financial year ending 30/6/11 report, our directors remuneration which included directors fees, consulting fees and options amounted to a total of $704,541 ($13,548 per week). The previous year ending 30/6/10 the amount was $494,183 ($9,504 per week). This is an increase of $210,358 = 42.5%.
The fact is that our directors' salaries have increased by 42.5%, BUT the share price has decreased from a high of $0.02 to a low of $0.006.
I have contacted our management on a number of occasions regarding the lenghty delay of Fausse Point, and strongly suggest that all shareholders do the same by contacting management by phone and/or email. Our management should be made more accountable and force them into action.
VIL Price at posting:
0.8¢ Sentiment: Hold Disclosure: Held
