I would like to know what Les and Syd plan to do for the company going forward and what their credentials and track record is that would make them more successful than the current bunch. I don't see any of this in the letter. Why should they be put on the board?
At the end of the day Saunders has a track record of putting together a consortium for Yilgarn of some of the heaviest hitters in China. He has proved he has the contacts with the big players and got them to pony up with cash. Gary....well he has got us a maiden jorc....but he has big problems with communication ie. constantly overpromising and under-delivering. If only he would act like other CEOs and do the opposite! They have managed to get on board 2 of the key players (Southam and Dixon) of Oz's main magnetite producer..there is still a pending offer from the Chinese investor.
So what if Gary is not in the office?! He is the MD for God's sake! He should be out there meeting people trying to get deals done, meet brokers, meet bankers and bring on the big players. Its the secretary and tea lady who should be staying in the office! Same with Saunders. What the hell can he do by sitting in Perth office all day?! These guys HAVE TO BE OUT THERE. The big boys aint coming to their office!!!
PDY Price at posting:
1.6¢ Sentiment: LT Buy Disclosure: Held
