The TON of Tanzania?, page-32

"Directors departures today had nothing to do with financial aspects of the project old chum."

Be interested to see you back that up champ? Financial aspects seem pretty central to their roles.
On May 27th 2016 MNS announced two Key Board Appointments:
"In the role of Executive Director – Commercial, Mr Eldridge will be involved in managing the
commercial affairs of the company, including project financing, key contractual negotiations and
capital markets....Magnis Chairman Frank Poullas stated: ”...one of our key objectives has been to strengthen the Board of Directors with high-calibre individuals who have the necessary experience and drive to finance and develop the project."


"Reading between the lines I think the boys were punted."
Ten days ago they were welcomed aboard MNS at the AGM and awarded 1 Million 'in the money' options each on a shareholders vote. Presumably Resolution 5 was approved by the Board who then, in your opinion, promptly proceeded to fire them today? Why give them options? Why reward if they were under-performing, failing to meet KPI's?

Paps had this to report in his AGM summary re: new Directors & options:

"The 10 resolutions were all duly carried with very solid, to near-unanimous, support (refer to the separate Announcement for detailed break-downs). SH applause greeted the addition of new Board members CJ and LE. There were two SHQ’s during the course of the Resolutions, With regard to R 5 (Unlisted Options to Directors), SHQ asked if the two new directors (CJ & LE) might be given a few minutes to address shareholders prior to an in-the-money options vote, to which FP suggested that opportunity would best wait to the informal part of the day."

and on a more personal note Paps stated:

"For what it’s worth, breth, for someone who has only fairly recently joined the Board LE seems very thoroughly across this company’s corporate strategy and its resource. I also found his general manner compelling, and I think he will be a first-rate addition to the company at this stage of the project. "

Which given his balanced view on most things MNS seems a little at odds with the 'punted' theory.
Have they simply waited for the options to issue before moving on? Perhaps knowing things may not pan out as expected?


cheers