Gee this is going to be a long post as there is no simple answer. My honest opinion is that Frank seemed a bit of a novice and at somewhat sea at the agm. It was as though he hadn't had a lot of exposure to them and was perhaps taken aback by the unexpected larger number of attendees and questions.
I also thought he was somewhat ill prepared, (the video/audio hadnt been setup/tested), the pictures of the road trip were poor qality and that he was rushed and aquiesced to Peter more often than he needed to.
He called him Mr chairman as though he was lesser than as a person and seemed reluctant to correct anything that needed correcting. Thats just the feeling I had at the time.
In letting Peter do the talking I was surprised he didnt answer or interject to Peter's answers that were not entirely correct. Especially when Peter was backed into a corner about the Laos railway options and how much consideration had been given to them. All that left me weary that they were relying on Sarco too much and that they were not fully across the detail of what was going on as an exec should be.
Bottom line, I came away thinking Frank was an administrator type doer and Peter the strong leader who could twist a negotation if need be. Peter certainly was bullish and assertive in the way he handled questions and discussions after the meeting whilst Frank didnt seem to have a lot to say. I was though pleased that he gave me his contact details and is open to me contacting him. I should have, but have not done that.
All that said, does that type of behavior make a CEO. IMHO no, but its the only time I have met Frank and to balance the debate, he did put out the project update earlier this year when he didnt have to, though it was needed, (that was leading from the front) and, he has made himself available to folk and in reality they were simply a two man operation trying to get 5 largish projects up and running with mixed success.
To take it a step further and being machevallian is all this simply a five ways coup to get peter out of the way and that was franks plan all along. I dont't know but it is the ugly world of commerce we are talking about. On Fiveways I have watched the fiveways project from a distance and it seems to be dragging in delivery like ORD'sproject. I could be wrong, the info on the website is sparse and not updated.
Conversely I think the reality is Frank has good skills but has allowed himself to be spread too thin and that needs to change. This new project if accepted had better be a ripper because if not I worry there will be more noise, poor prioritisation and confusion that takes him and ORD away from the main game of Laos, SJ and perhaps Callendon.
To wrap up, I think he is a good bloke and I found him likeable but am not convinced yet on his ability to send the sp north. He needs to put runs on the board (pardon the pun) and fairly quickly!!!!
Obviously though there are qualities that I have not seen that the board likes and respects and that those qualities leads them to believe he can deliver. Lets hope so because we dont get a say in it.
To deliver he needs to
1. communicate reguLarly. check out the style of say a gmr who send out video emails to shareholders
2. be fully transparent and up to date on what is happening with the projects. eg sj rig hire (without going off on a tangent I asked him and Peter about that and was told they are expensive and few were available. that was only 6 months ago yet other small caps have managed to obtain them. Huh?
3. have a strong team behind him. this means doers. lots of them
4. bite the bullet where sv is questionable
5. deliver laos ipo and sj resource upgrade within the next 12-18 months
6. work his backside off and appoint one or two strong lieutenants
I just hope we do hear from the restof the board and chairman soon. It would be refreshing as they have been silent for too long.
For me I thought long and hard and,
I took up my full allocation plus some at the last cr I hold and its no small holding I still think the projects can be winners and am putting my faith in Frank to materialise the purported value in those projects. If he succeeds I will be the first to shake his hand and congratulate him on achieving where there had been doubt.
oh and 500k on his combined salaries is too much. its a popular topic at the moment. Until the runs are on the baord imho leaders need modest salariest with rewards built in and until the runs are on the board that amount is excessive.
all that is inho and please folks dont shoot me down. I am happy for all to reply and take on board what you say but lets keep the focus on the projects and getting the right management team.
Finally, finally, dont go Timber. I also appreciate your posts and am happy to start your very own appreciation society. just put the doom sayers, down rampers, bottom trawlers on ignore. I have
I am staying as a hold on the expectationt that will transition to a buy with positive news forthcoming in the next 3-6 weeks and wishes Frank and the upcoming new team all the best
