hq gee up, page-59

SRV, I understand your comments with respect to LYC management, but I would just like to add my tuppence worth. EN is basically new to LYC. He has been in the CEO role for best part of nine months. Your experience would tell you that getting start ups going is tough, particularly when new and complicated technology is involved. Why LYC board left a merchant banker in charge during the critical build and development stage of the business we will never know. I do however believe they have made the correct decision with appointment of an acknowledged industry expert in EN, and I would like to believe we will see the benefits of EN's expertise and experience in the REE industry reflected in LYC production, marketing and eventually financial performance.
Whether the existing board is up to the task of directing this company to profitability remains to be seen. I have my doubts as there is some common names with the current board and those that left NC as CEO during a time when he was probably not the person most suited to that role, IMHO. I would also preferred to see some board leadership on cost controls by reducing director fees during the period when it was obvious LYC was not achieving key build and start up milestones. NC golden handshake should not have been allowed to happen with a strong board.
People are the most important asset in any business, and it is my belief that LYC now have the correct skills at the management table to lead LYC to a very successful and profitable enterprise, from which we should all benefit.