OGC 0.00% $2.20 oceanagold corporation

Look I have my doubts about the ability of current Management at...

  1. 10,527 Posts.
    lightbulb Created with Sketch. 2117
    Look I have my doubts about the ability of current Management at the moment but let's be a little bit fair even though we are all suffering with the shareprice at the moment.
    Firstly the CEO got $US630k in cash salary & pension(he's actually on $A640k officially)- he also got 750,000 options exercisable at $3.38(by Dec17) which are valued at $789k but are currently very worthless.
    The Company made a net profit after tax of $44mil in both the 2010 & 2011 years and is nowhere close to going into Administration.
    Q1 2012 was a shocker and there wasn't guidance to the market prior to the actual result being announced even though they claim otherwise - a big black mark from me.
    I will be voting against the Performance Rights Plan(Resolutions 6 and 7)- these Plans just give Management free shares and should be outlawed - the only hurdle to them getting the shares is for the shareprice to outgain their Peer Group shares(probably stocks like Newcrest,etc)- it doesn't matter if all gold shares incl OGC go down as long as we don't go down as much - they shouldn't be getting any free shares if our shareprice goes down.
    The new CEO is yet to prove himself - in fact he's off to a very rocky start and he can only redeem himself if the NZ operations get back on track in this current quarter and Didipio is successfully commissioned in Q4 within budget.
    Also the new finance facility is taking forever to sign off on and obviously the market is getting anxious - again the ability of current Management is bought into question - all of the convertible note debt due in Dec12 & Dec13 has a face value expressed in $A - there really should be no problem in repaying this debt even if the new finance facility falls over unless the goldprice falls out of bed too.
 
watchlist Created with Sketch. Add OGC (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.