In a transparent effort to mask how poorly management has...

In a transparent effort to mask how poorly management has performed over the nearly 3 decades Duncan Pursell has run the company, the Board of JRV seems to be resorting to the old Soviet tactic of airbrushing people out of historical photographs, so it would appear as if they never existed.

After so thoroughly diluting JRV shareholders that today “about 4,200” of JRV’s roughly 5,000 shareholders have seen the value of their position decline to $500 or less, Duncan Pursell and the Board of JRV are generously offering to repurchase these nearly worthless ‘unmarketable parcels,’ thereby removing all traces of the very shareholders management has impoverished from the JRV registry.

Sometime in May, for all intents and purposes roughly 84% of JRV shareholders will cease to exist, management’s abysmal failure to create shareholder value for these deal souls ‘airbrushed’ from history and the JRV registry.

It’s reassuring to know the Board of JRV is doing this for their shareholders’ benefit: “…to reduce administrative costs associated with maintaining a large number of shareholders.”

To fund the exercise, 84-year old Commissar Pursell is graciously offering existing shareholders (useful idiots) the opportunity to dilute themselves further by purchasing $500 to $15,000 worth of JRV shares at 5 cents ‘to top up their holdings, with no brokerage or other fees.’

The JRV 30-day moving average share price is 4.8 cents, which makes the offer kind of like inviting political prisoners to dig their own graves before being executed in order to save the State money.

What a deal.  

Daily trading volume has been in decline since the November AGM when shareholders had the temerity to openly questioned the wisdom of the Board of JRV turning down $900,000 in cash in favor of spending $750,000 in JRV shares for tenements in Siberia (Far North Queensland) the company cannot afford to even maintain, let alone develop.

Or perhaps the decline in trading volume is the result of dissident shareholders achieving a first strike against JRV management for the way they pay themselves so much for delivering so little of shareholder value.

Whatever the reason, it appears that anyone who wanted to sell has, and all that’s left are those waiting to dig their own graves.

Two weeks ago, das commissar was heralding the wonders of JRV’s new, unaffordable tenements (…but wait! There’s more: we’ve got lithium too!), so it’s likely another rights issue is in the offing.

Were it not so pathetic, it would be comical.