throwing the baby out with the bath water!, page-4

I do to, Kalimaya, I was unhappy with the lack of communication from the board ot us for some time but did not want the instability of a second strike. I actually shared that with Pinto the day before the release, that it was a worry to me there could be a second strike.
For me this deal took the cake, & nobody takes my cake :(

first we had the change of accounting yet to be explained,
at least in any form that I can uunderstand

then we had the continual failings to meet quarterly guidances on costs or completely inaccurate guidance

then we had financial indiscipline, failing to keep expl within profit limitations, leading to an unnecessary 10m loan facility. within a couple more quarters our revenue will rapidly increase (by most accounts on the POG) we could easily wipe out the loan facility. was it too much to ask to restrain their exploration by 10m, how about ditch the really low grade until over 2k POG, or such a time as we're comfortable in our cashflow.

now we have a proposal with no follow up again, scaring the bejesus out of many loyal long term holders into dumping.

IMO the board are trying to protect themselves from a spill, & to dump a few unhappy holders, reduces the protest votes. I believe they are putting their interests over ours.

The secrecy of the deal, 6 months & no word...sorry one that was retracted: 500,000oz

What it would appear to me is a complete failure to attract best price for a cash rich JV partner, not that we were so hard up that we couldnt resist offers, only to have this takeover rammed down our throats.

As i have amateurishly illustrated in previous threads, if we really had to go the flat out approach, it could have been done with raisings with tiered listed options to minimise dilution. We dont need all this money up front & POG is in our favour to generate more cash too.

Now we dont even know the company direction, by all acounts so far it appears the only perpetual growth we will see is our registry....spend spend spend.....how about sell, sell, sell & reinvest 95% of profit into spend.
I really cannot see how people can have such blind faith that we will not be used as a giant investment vehicle & diluted into oblivion. Seems we've been busy paying for cleaning up the joint for someone else.

I'm still furious, & I'll be voting against the board & the deal. Yes I'm harsh, but I have yet to hear any counter arguement I'm willing to accept. CW has given us great insights into what can be done with the money, but my issue is his blind faith that this is what WILL be done with the money, and the blind faith in SG's intentions.