Less than 40% of available shares were voted at the meeting. Billis and supporters secured less than 10% of shares available to be voted AND Billis and supporters were out voted 3:1 on the Collins resolution.
So if Billis is so brilliant, and so good for Rimfire, how come he can’t even organise the vote? Quite pathetic really. The Collins vote (and Billis’ failure to win it) is a good proxy for the next Board vote, so Billis will need to do something very different to win that.
A suggestion for Billis, “earn your place at the table” by securing 19.9% of the share register, instead of trying to steal control with your small stake and a 3rd rate PR effort. And as for the promised capital injection from Billis? Who knows what he would “actually deliver in cash” once he controlled the Board, My guess is it would be self serving capital to a related party deal.
The existing Board really has a lot to answer for too. If it couldn’t see the Billis train wreck unfolding, when it signed up to the GPR earn-in, then this Board was either too lazy on its due diligence, or it was “hoping” things would just magically work out. Either way, shareholders have not been served well by a Board that doesn’t seem to know how to raise capital in an open and transparent way, with a decent reliable partner.
Finally, if Billis ever gets control and let’s loose with his “exploration goals for Rimfire”, I sure hope he knows how to listen to experienced Central NSW geologists. As far as I can tell, Billis has a zero track record for exploration success in NSW, and NSW sure isn’t WA. That WA experience will count very little.
RIM Price at posting:
0.8¢ Sentiment: None Disclosure: Held
