KBL (ASX) Fight the good fight

Originally posted by redfrog ↑

Fight the good fight.
I notice in the article that the KBL in-house legal counsel is Steve Lonergan. A Popular Ex KBL Director Steve had to resign his position due to an urgent family matter. His holdings had to be removed off the Directors table but otherwise recorded. He did have more than 1 Mil of Shares and over a ¼ Mil Convertible Notes. That would put him still with lots of skin in the game.

Speaking of skin in the game have a look at Annual Report 2014 page 24 . Management holdings including Steve were 11240103 shares and 2266566 Convertible Notes.
Director and Chairman Jim Wall has 1800000 Convertible Notes and 6922045 Shares including 1526876 bought on market last year.

Their highly capable COO Rod Griffith has 12499469 Shares including 199469 bought on market last year.
Regarding the new Managing Director Brian Wesson. He will receive 3 Million unvested shares as per the Resolution No 4 passed at the last AGM meeting.

The only other director is the newer Non Exec Director GB Starr who is not recorded with shares or Convertible Notes. Ex employee Johnston also had shares but I have not included them.

The KBL Directors and Management have been buying shares, not selling them. That is an important plus under the current conditions with small Miners.

The point I would make is that contrary to some posters here, the KBL Board do have their skin in the game.
Also the Directors and Steve, are holding the 2266566 Convertible Notes most of which were purchased with their own money at $0.38. They have a strong incentive to see that KBL survives to pay the interest and pay out their notes.
Some posters also complain about the Directors receiving too much remuneration. I would advise you all to check the 2014 totals on page 22 of the 2014 Report. Which shows both Primary Benefit costs and Remuneration with comparisons between 2013 and 2014. EG: Jim Wall’s cost is less than half of his 2013 cost. Beasley also gets nearly half. The highest paid person is Rod Griffith the C00. Those Ops Chiefs in mines usually work incredible hours. He costs the company more than twice that paid to Chairman Jim Wall because he deserves it.

I believe KBL Mining is a very well run operation with great prospects. KDR are clearly painting a very untrue picture in order to steal it. The existing Shareholders and Note holders of KBL are the least of KDR’s concern. KBL is well worth the shareholders fighting for. The real value of KBL is probably at the very least 10 times the current share price. KDR’s value figure will be a bloody joke. I cannot believe we could lose this company for the sake of a small loan like $12.6 million.

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KBL Mining‏@KBL_Mining 1h1 hour ago
We say Kidman tried to cancel our noteholder meeting on false assertions, to stymie our refinancing efforts http://ow.ly/FE4Qg $KDR