The best technology in the world OR a good MD. We cant have both.
The SP is 8c. the best technology in the world is worth more than $56mill.
MT has had long enough and has achieved very little. It is way too late for anything to be done at this AGM - but surely this is his last time for excuses. People will for sure defend him and say he has acheived this that and the other - but as a share holder he has acheived very little. People will say this is a very exciting time - but it has been for (atleast) 2 years and we have seen the SP drop by 70% - way before the credit crunch hit.
From what I believe - has had meetings with Ticor/IRE, Iluka, Crystal, a major banking institution, BHP and Multiserve. And has closed exactly 0 deals. I have had enough. He must be given a final time DEAD line and if certain goals (SP and deals signed) are not met he has to go. ENOUGH is ENOUGH.
Some will say that there where circumstances beyond APGs control - but that is atleast 6 major chances (not including china / gold) and he has completed on 0.There is 1 common denominator.
He has kept the company afloat for 20 years - by selling more and more shares - better than letting the company go under, sure, but we will never know if that was always the best approach.
IF you really believe we do have world class technology (and many many here have posted suggesting so) then surely you MUST also feel that MT's time is up and we should let someone else - who has proven Minning BUSINESS experience - to take over and try and sell our whares. With all due respect - MT is a geologist - and a very good one - but not, it would appear, to be a MD/CEO, it is time to let someone who is an experienced Md/CEO take over.
If I was to be brutally honest I would have to add that EVERY one is in the stock market for themselves and point out that (to the best of my memory) MT has many more shares now than 5 years ago. It has been to his advantage that this has taken so long. Now if we sell out for 50c - MT gets a (roughly) $5mill hand shake - not bad.
This my honest opinion of our future - and would be overjoyed for MT to prove me wrong and sign BHP and Sign Multiserve - but I just dont think he has the ability. We were given the money for the BFS 18 months ago and still nothing. Surely I am not alone in this line of thinking.
PS I would want to have MT kept on though.
g (hi Lekki :)
APG Price at posting:
7.6¢ Sentiment: None Disclosure: Not Held
