Well said!
With regards to inventory, we were never given a complete and clear picture of composition of the entire inventory and I mean that literally. I’d like to see the company publish clear photographs of the elements of the remaining inventory to give us a clear understanding of what we have in terms of colour, quality and size of material. This should be put forward to a competent person for assessment.
Very poor decisions were made in the preparation and composition of the schedules and lots to achieve such a terrible auction outcome. That when they had intimate knowledge of the conduct of Gemfields auctions through CJ’s attendance at one of the auctions. Also remember that the company have ex Gemfields staff and industry consultants on their team and why wasn’t this expertise properly utilised.
Given such a terrible auction outcome, was all of the best-quality material put forward at the October auction? If not, why not.
Was the proprietary grading system used? Did the two stages of material grading actually occur? ( initial sort at mine site and then detailed assessment in Mauritius )
Significant work is required for the company to rebuild shareholder trust.
The AGM would be a good timeframe for a review to be completed, with results of the review published to market 1 day before the AGM.
@gsmaree - have you e-mailed your feedback to management?
