Amongst all the finger pointing the summary reasons why SYA has failed to deliver in the interests of shareholders are as simple as follows:
- The company has completely been at the mercy of the lithium spot price after failing to deliver the "marlin" offtake deal promised by the last CEO - Falling out between the CEO and Board on strategic direction resulting in the CEO's sacking. - Poor corporate governance practices and failure to meet even the minimum recommendations set out by the ASX Corporate Governance Council - Current board and remaining management wearing a terrible reputation based upon the aforementioned three points - and their ability to stay rusted in and keep paying themselves to avoid bearing the humility of resignation, which I expect they would only do at the last second once see the proxy vote count ahead of any pending re election, and not a minute sooner.
As they say pride always comes before the fall. I am happy to admit I myself have taken this travelled path before, so it takes one to know one
But anyone still sticking in this one on blind faith might want to consider the possibility they got this one wrong.
SYA was my worst investment ever, and I was lucky to get out over six months ago.
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