Mr Tay believes that the Resolutions should be passed for the following reasons:
(a) The Company is not of a size that warrants the cost and administration of having six Directors. The shareholders funds should be better applied to the Companys exploration and operational activities.
(b) Messrs Carson and Levy reside in Sydney but the Companys focus is now on its interests in the Pilbara. For logistical and economic reasons, the majority of the Directors should be based in Western Australia, and the administration office located in Perth. Mr Tay recognised the need to fast track the Companys exploration programs and the importance of establishing a WA based management team for cost efficiencies.
(c) Mr Levy is the current full time managing director of a New South Wales based bauxite exploration company, and may therefore have conflicting issues such as not being able to provide the due time and attention needed in his role as Chairman.
(d) The Company Secretary and Director Mr Graham Anderson currently sits on the boards of five other companies and also runs an accounting practice. He therefore is not able to provide the due time and attention needed in his role as Director and Company Secretary and has stated that he will not seek re-election as Director when his current term expires.
(e) Messrs Tay and Oh have a good working relationship and retain between them the necessary mutual trust and confidence to remain on the Board.
well i can see where they coming from. sometime i wonder why DMA so slow with their progress.
DMA Price at posting:
24.5¢ Sentiment: None Disclosure: Held
