Thank you for your advice, I would take it but due to the billions in company assets and a market cap of $76 mil I will respectfully take a different course.
I would say the directors did a fantastic job of finding a significant resource, they well and truly deserve the director fees they receive, well done guys.
Your sentiment of directors maybe correct or incorrect, nobody can tell unless you are in the office dealing directly with them. You can only judge by their actions, and your own experience.
In our industry you need a resource so good no matter how bad you manage it you still make money. That is true for all the majors like BHP RIO down to the explorers.
LCL has defined a significant resource. Not because of some master stroke by individuals, its because there is a significant amount of metal in the ground that had a speculative hole poked in it , and that's what they are paid for.
Once you find that significant resource most levels of competence can raise money and define a resource. I seen a complete incompetent director who worked against a significant find then win explorer of the year. The resource gives you the freedom, not the competence.
If you have a company with billions of dollars in assets with a market cap of $76 million, and the company is not to fussed about realising that value as soon as possible its time for a shareholder revolt, irrespective of director intent or competence.
71c4
LCL Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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