The Board are definitely not shareholders in this case...Scott Lowe has 1.5m shares of which he paid for 500k and was "given" (by us generous shareholders) another 1m shares. These are irrelevant numbers when you take into account there are 370m shares on issue.
Your next question is a good one. I would agree with you that a 15% shareholder taking control of a company without paying a premium for control is generally wrong. In this instance however, the market is telling you that Kitumba is worthless, so why would any rationale investor pay a premium for something the market is saying is not only worthless, its also valued as a liability. Many die-hard, blind Intrepid shareholders will scoff at this remark but the FACT is this "asset" has been valued as a liability for a long time now...its not a short-term market mis-pricing.
Now the copper environment could turn around and im sure Miller is aware of this. But if you keep the current board in place and their spend thrift ways, they will potentially spend all the money well before this day.
Kitumba is an option on the copper price....its far out of the money and we need a change to ensure the company will be viable for when the copper price turns around.
IAU Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
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