With the NMG share price drifting down on low volume despite being on the cusp of gold production during a gold boom, Passmore has lost my support. Despite spending the equivalent of half the value of a house in Perth on NMG shares, I have been unable to speak with Passmore despite phoning the company on 4 occasions in the past 3 months. Nor has he responded to an email I sent. Instead we are left to tune in to his sloppy video presentation where he repeatedly fluffed his lines and failed to promote what should be a company making project.
Passmore does not deserve the recently an ounced 150 million performance rights (shares) for the equivalent of showing up to work. The same goes for the new recruits. For Passmore and his new recruits share options at a strike price of at least 5 cents would have been sufficient. Instead Passmore is treating retail holders with contempt, ie, he's unwilling to speak directly with us but he's happy to draw his generous salary and receive millions of dollars of shares for nothing.
Shareholders, myself included, can quickly lose patience with arrogant behaviour and that leads to selling.
NMG Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
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