The problem for the company is twofold.
Without a chairman/CEO there is no one to progress Agbaja, which is really dead and will not be developed in Rodney Hogg's lifetime. In any case nothing happening on this front for at least 6 months as they have to find a new guy and then he has to be interested enough to push this project forward. Not like previous slytherins (its from Harry Potter). While the company will find a CEO, they have to be of the right calibre and have the right qualifications, I mean a lawyer from a marketing company no one would fall for that would they?
Without a heritage survey there is nothing happening at the WA tenements, and may not happen for another 6 months. Heritage surveys can take a really really long time.
So while the sp declines may be due to folks taking a tax loss, I mean it couldn't have anything to do with how well the company is run right
@kevscranes it is always some other reason but not the company's fault, the fact is there will be nothing to drive those who have taken their tax loss to buy back in, nor anything to bring new buyers to the stock.
Once again shareholders have been shafted by considerate and caring management, just read this from our previous chairman "It is likely that given the limited remuneration and the costs already saved, that the directors seeking election would be unable to proceed at the current levels of commitment if the options were not approved by the shareholders." It turns out he was unable to proceed full stop, and you could not call his time at the helm any form of success other than diluting existing shareholders, selling the company at great cost to shareholders and leaving it as a shell.
It is highly instructive to read the chairman's letter to shareholders, the one that I took the above quote from, the language in it is extraordinary and I cannot believe shareholders were so hoodwinked by its contents.
Here is another extraordinary snippet, "It is important that we reflect and consider the asset that Kogi Iron Limited has in place and the significance of this project. All strategy and plans should be debated and agreed in that context and the patient shareholder group will require continual re-validation ongoing that the project remains of merit and is attainable within an acceptable period from here." Can anyone tell me what these two sentences actually means. For more black entertainment read
https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02319879 and check out the timelines, just laughable.
