unfortunately my masters over the years have not really paid much attention to the justifications of any failures, its not really like court case where someone makes an injunction and you get to defend yourself, they dont overlook bad performance if I have good excuses, its results I get paid to achieve, if these goals are not achieved I get nailed to the wall.
So circumstantial evidence is all that is needed.
Especially with a track history like JK, as Macca point out there is a truly impressive history of non performance, things that he aimed to do, said he would do etc that were not done, its not as if there is just one there are dozens.
Unfortunately there is a process by which an experienced exec would not put himself in that postion, just take one aspect. If the deal was not secure (for whatever reason) part of the option should have included mutual non disclosure, to go on BRR and start spruking without a pricing methodology to purchase reflects a poor option negotiation from the beginning.
If your plan to invest, the business case for investing in a drilling program should have had a risk mitigation plan, to go off drilling someone elses property on the basis he did is simply ridiculous. If he couldnt secure a satisfactory option to buy that mitigated this risk he should have walked away on day one.
At the very least there should have been a pricing formula that gave an option to purchase , this should have been tied back to results, eg .This si done every day of the week, how many explorers last year drilled someone leses land for free last year in Australia?
Im sorry to upset folks but the performance was incompetent and thats just one example , like Macca should there are dozens of non deliveries of previously stated goals.
He should retire and enjoy hsi old age.
BIG Price at posting:
2.0¢ Sentiment: LT Sell Disclosure: Held
