Havilah is Highly Leveraged to Copper re: Kalkaroo + Mutooroo, page-5

I am still concerned for those new to Havilah, or new to the stock market in general. A lot of people have pulled money out of super recently and are looking for places to invest. They should be careful.
I used to think "skin in the game" was a good thing - but in Havilah's case, if you include the Johnson family as well as the Giles family, I fear they've got so much skin in the company it may actually be an encumbrance. Doesn't this make a take over less likely? In any case, how has all this skin helped? Looking at the share price of the company over its full history we see that in 2002 it was at 19 cents - exactly the same as today. During that time I don't recall any dividend payouts. A mining boom has come and gone. A gold mine was built and sold and shareholders are still no better off. A copper deficit has been predicted for many years - no kidding, I've been reading such at least as far back as 2012 - but supply just seems to keep on keeping up with demand. And how many years would it take (even if Havilah had the money) before any copper (or gold) came out of the ground that could be sold? After paying for the financing costs how many years more before a dividend was paid?
Basically, the only people who have ever made any money out of the company in the last 18 years are those who have successfully traded the shares or who have earned money working for the company. In the case of Havilah, directors having "skin in the game" has been of no apparent benefit to shareholders. In fact many millions have gone into the company through multiple capital raisings. Without this I doubt if the company would have survived. ( And I thought money was meant to flow in the other direction.)
Sorry to be so depressing but I reckon what I've written above is pretty accurate. In general I think directors holding a decent number of shares in a company is a positive thing. But where this tends to work well is when the company concerned already has an established business at the IPO stage and where it needs cash in order to grow. Kogan is a good recent example.

Good luck to all those who still hold. As I've said before I have kept a small parcel of shares just to stay in touch, hence my "Hold" and "Held" recorded below.