I woke up early this morning, around 3.30am, thinking about Inca and what my hopes have been for the company over many years.
I then could not get back to sleep after thinking about the situation in which the company has once again found itself.
The Company is treating shareholders with contempt by not keeping us regularly informed on what is happening, and critically, even more so than usual in light of way share price has tanked and general market sentiment is really bad. In absence of news shareholders think the worse which further erodes confidence and share price.
The recent news regarding copper has had a rather positive affect, but this has come only a week before the AGM which gives me the feeling that it was released only to placate holders before the meeting. The affect is already starting to fade going by the trade numbers.
I want to know what brought about such a rapid decline in what was a really strong cash reserve over the past 12 months? The fact is that this limits our ability to do much needed exploration which is what is needed to turn around the poor share price and negative sentiment?
I am worried that with this cash deterioration shareholders are potentially facing another discounted capital raise which will seriously dilute us again. I feel this point is not appreciated by management after all the pain we have gone through in the last few years with a capital consolidation and then getting the company into a strong position, only to see it being wasted again.
I am concerned that Board/directors do not seem to be aware of, or responsive to, the increasing concerns and frustrations of shareholders.
What specific actions is the Board taking to rein in expenditure with our current low cash balance and to make sure that only the critical, and must do things, are done. I also would like to know just who everyone is who is actually on the payroll, their cost, and what they contribute to the company?
Whilst not wanting to hurt company or shareholders by having a blanket “no” vote to AGM resolutions, maybe we need to send directors a message that we are not happy.
I voted when I first received my form but, I have decided to change my votes and have gotten the address to do so electronically.
I now intend to vote “no” to the “Remuneration Report” and I would urge all thinking holders to do the same.
If enough holders do this, and we get a “first strike”, we will be in a good position to kick real arse at next year’s AGM.
If you think all will be rosy by then remember that is what we felt last year, and the year before, and the year before, and the year before, ( repeat as many times as you like )
It can do no harm, but if things have not improved by this time next year, we do not want to be in the position where we then are just starting the process to take action.
I don’t really know Adam but, I was hopeful that he would bring real life to the board. I have been bitterly disappointed with what has been our progress since his appointment. He is like “The Phantom – the ghost who walks”.
Here's the link to ASR where you should be able to vote online.
https://www.advancedshare.com.au/Dashboard/Simple-Login
You will need to enter your HIN or SRN, the Company code being ICG, your postcode and then tick the box to agree to T&C's and then log in.
From here there are choices to view the NOM and Proxy form and vote online. After voting, you should get sent an email confirming that your vote has been received.
If you need to contact the Share Registry:
https://www.advancedshare.com.au/Contact-UsHad enough!!!!
Lockitt
(20min delay)