No trades itsy bitsy or otherwise.... No interest.... any reason for investor to have interest?
Some facts.....
December 2009... Market Cap $ 8.8 Million...
... Cash $ 4.8 Million
... Fully Diluted... 193 Million shares
Today..... ......Market Cap $ 7.92 Million
... Cash $ 2.9 Million
... Fully diluted 450 Million shares +
Similarities..... Still acquiring Tapan property...
No Coal production...
High administration costs...
Net Result ..... Deminishing share holder wealth thru
dilution and erosian of investment
capital thru administration driven
expenses...
At last years AGM.... 20 Million Options... and 1 Million shares... each granted to our Managing Director... and Executive Director.... our "fly in.. fly out" Indonesian Operations executives..
"The primary purpose of the grant of Performance Options to Messrs Risinger and Suriano, is to provide cost effective consideration for their ongoing commitment and contribution to the company in their respective roles as Directors and to provide an incentive to them to deliver a mining project in Indonesia"
How "cost effective".... in the 9 months since the AGM they have been collectively paid $300,000 + in fees and salaries.. I thought the "incentives" were to reduce costs..?
Any mining project "delivered"....??
I know our Managing Director spends much time and effort in Indonesia... but do we need the expense of 2 Directors... a CEO.... a high level Geo.... and a local Indonesian Partner.... fine if we are cash flow positive... but it looks to me we may be a long way from that...
In the 9 months since the AGM... $100,000+ claimed by our Chairman...
Gwaihirs post 6931643 springs to mind.... if we see no delivery on some of this promised potential by the AGM ... I may be voting accordingly....
If no dramatic change.... This Board will be in dire need of a restructure....
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