nick garling buying shares - $2.5 million, page-105

mal

I do not agree with your reasoning here, but you have confirmed my view about where the shares for the Chinese came.

I think NG got the Chinese on board in order to get the market interested enough to ensure conversion of the options. The money he got from the Chinese was not necessary to get the mine operational if the conversion funds all came in.

This means to me that NG lacked faith in our support of the company.

I know he made a very poor deal for MCO with the Chinese, and it looks like he made an extremely poor deal for himself.

If things had not been delayed then we would have been a gold producer some months ago and there would not have been a need for a 15% dilution of our holding via the recent Chille capital injection.

So many goldies have exploded upwards over the last 12 months that it is clear we have massively underperformed our supposed potential. We, including NG, have all lost out as a result.

I give NG a triple plus rating for energy, honesty, and vision but his delivery of outcomes is well below par. It compares poorly to SLR or MML.

I wish he had better directors and managers to help him. It is a real pity that he could not keep Peter Hepburn-Brown full time. I think the new directors from the Chinese and Chille will be a waste of time and a drag on him - however this is the price for not meeting timelines and being fearful of investor support.

loki (I wonder how many thumbs down I will get for this post?)