The patience I once had has gone down the gurgler over the last 4- 5 years I am afraid.
"I would say that quite a few things have changed since the last AGM. The remuneration of Mike Doepel and the directors was cut. Mike Doepel has retired from the role of M.D. We therefore have a new M.D in Lynda Daley."
I would have felt better if the new M.D. had at least tried to introduce herself to the shareholders but she has instead been conspicuous by her absence.
I am not looking for Director pay cuts. I would rather pay a lot more and get some real action.
I am very suspicious of the reasons behind Mike standing down.
I would disagree that quiet a few things have changed over the last year. We have shuffled the pack, that is all. I would suggest that we are in an even more perilous condition than we were last year, certainly at Enigma.
About 18 months ago when you, GZ, suggested that drilling would not recommence until march this year (2014), everyone didn't believe you. We could not have imagined that that could happen.
" It could be speculated that the 19% vote against the remuneration report may have been an influencing factor towards one or more of these changes. But i seriously doubt it ! "
Nineteen% is just 6% from a first strike. Not that much and I am sure was a shock to Mike.
Last year the natives were a lot more satisfied with things than they will be this year if things don't start falling into place a little.
The spill rules also allow for a spill from only one vote by shareholders of 50% against the remuneration report, if I remember correctly. I am sure that 19% against would have seemed unlikely 18 months ago also.
This may seem unlikely at this moment but will it seem that way 2 weeks before the AGM if there are no better results than we have had so far.
" To my knowledge the % held by the people in question ( one of which is myself ) is not sufficiently high enough to cause any serious concern. Not all of the group participated in the last capital raising. So therefore the % of the group has been diluted."
Well my holding has almost trebled since then and I suspect that many others would have increased their holdings as well. I think that GZ increased his holding also. Also many of the substantial holders put in also over the last year.
The action suggested by me may well be premature but I think there will be some prickly asked questions at the AGM.
Lockitt
SRI Price at posting:
5.5¢ Sentiment: None Disclosure: Held
