"She confirmed that Mr Mahusay was acting as McGinn's security...

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AWildOne

114 Posts.

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16/06/23

13:32

Post #: 68324237
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Originally posted by JimmyAnderson: ↑

The board is indeed expecting shareholders to simply trust them. i am sceptical, but have voted against the appointment of the Directors proposed by Vitrinite. This is simply because Ryan from x64 action advised that they do intend to work with Raul Villanueva and I do not want that man involved with our company. Also the previous posts by X64action on these forums give me no confidence in Vitrinite.

I have spoken to Investor relations as well and understandably a lot of my questions they could not answer for regulatory reasons. I do hope there is a genuine reason for not giving more details about the audit.

Some questions which they did answer which maybe of interest:

1. They are not aware of any outstanding royalty payment
2. The cash is held in various bank accounts and if I recall correctly she said it was across a number of entities (personally i would be surprised if there was an issue over the cash)
3. Confirmed that the suspension was voluntarily but is now compulsory due to non filing of documents

Disappointed they couldn't advise what the plan was for the cash - in particular if there were plans for any acquisitions. Though she did ask what I thought the company strategy should be and I advised keep running the mine as efficiently as possible and return profits to shareholders - no acquisitions.

She wasn't able to explain how the company maintained control over PMC and therefore the mine profits whilst only owning 40% of the shares.
She confirmed that Mr Mahusay was acting as McGinn's security but did not know what the recruitment process was for him being appointed as President of PMC. I hope there was a full application process and that the best candidate was recruited. I assume the company has the right to appoint the President of PMC despite only having 40% ownership.

I hope I haven't misquoted Investor relations.

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"She confirmed that Mr Mahusay was acting as McGinn's security but did not know what the recruitment process was for him being appointed as President of PMC. I hope there was a full application process and that the best candidate was recruited. I assume the company has the right to appoint the President of PMC despite only having 40% ownership."

I suspect there's a certain degree of realpolitik involved in the appointment and as such, Mr Mahusay is considered by the board as the best man for the job at the moment. I'm inclined to agree.

DYOR, of course.

X64 Price at posting: 57.0¢ Sentiment: Sell Disclosure: Held
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