X64action should explain to us how they are planning to manage a mine in the Philippines without any support from the local director ?
As for the cost savings you wish to implement for the company, I have not seen any complaints from Mr Ryan Welker when he was earning $500 000 a year as managing director of X64, this is disclosed on the announcement dated March 9, 2022. What was the annual salary of Mr Nicholas Williams at X64? If you really wanted to save costs you would have done it when Mr Welker was managing director.
You should explain to everyone what happened regarding this drilling contract and who was the decision maker giving the contract to Ranger Equipment. Mr Ryan Welker and Mr Nicholas Williams had an interest in Ranger Equipment and they should have chosen the ethical option by dismissing it from any contracts with the company. You said that the Queensland subsidiary is the signatory of the contract with Ranger Equipment that led to all this mess. Who was the director of this subsidiary at the time Mr Nicholas Williams ? Was the managing director of X64 Mr Ryan Welker at the time ? Have Mr Welker disclosed in writing to the board of X64 the details of this specific contract of hundreds of thousands of AUD attributed to a company that he had interests in ? X64Action have also said " Mr Welker was not a signatory of the contract. The Queensland subsidiary was", would that mean that the that this controversial contract of Ranger Equipment was done exclusively by the subsidiary and its directors ? Was Mr Nicholas Williams a director of X64 Queensland at the time this contract with Ranger Equipment ? Was the managing director at that time aware of this specific contract ?
Why would the employee of the Queensland subsidiary decide to resign to protect his professional reputation ? He informed the board of X64 that Mr Nicholas Williams allegedly insisted that Ranger Equipment perform the surface drilling and that "Mr Williams had instructed the employee to drill beyond what the employee believed was appropriate ".
Do the activist shareholders have any support in the company wether in Australia or the Philippines ? It seems very hard to support them once you read the full story about their termination. Just do your own research and read everything about these activist shareholders who are coming to save us costs by adding 3 new board members. You should have added 12 new board members to save even more costs.
X64 Price at posting:
64.0¢ Sentiment: Hold Disclosure: Held
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