Updated Press Release on NOM of the Convening Shareholders

In the past I have written on Hotcopper how Medusa basically served as social welfare institution for the thousands of villagers living around the mine, given that it employed around 5,000 workers directly or as contractors. Shareholders saw very little of the economic benefits from that operation in the form of dividends, but at least the mine was relatively safe from government action due to the very strong local support. Andrew Teo was very good in maintaining the company's social license to operate in the Philippines.

Why was Andrew Teo removed from the role of CEO? Did he do something wrong other than bring in McGlyn as a director and arrange for the purchase of the QLD exploration tenements?

I do not trust McGlyn or Welker (who is no longer a member of the Board), but I think that Teo is OK as director and possibly as Chair (but IMO does not have the right qualifications for a gold mining CEO even though he did keep the company together during the difficult 2013-2016 period).

I would support a motion to replace McGlyn by Teo as director, and the subsequent appointment of a mining specialist as CEO. The Board members could then decide who should become the Chairman.

Looking forward to hearing from you why Teo was removed and had to be replaced by Welker.

loki

Hi Loki,
Happy to discuss. Drop us a line on the email address or ring the phone number on the x64action.com website.

Keen to meet you and can likely point you to all the answers you need.

We you have been active in the company for a long time and respect that very much.

Thanks!