what will tonkin do?, page-5

Interesting piece from Kalgoorlie Miner August 29th 2013:

"Tonkin to leave helm of Reed Resources

Reed Resources shares lost half their value this week after the company announced big asset writedowns, the departure of chief executive Luke Tonkin and a restructure of its business, focusing on cutting costs and preserving capital.

Reed returned from suspension on Monday to announce its chief executive Luke Tonkin will leave Reed Resources at the end of next month as part of a major board, management and operational shake-up at the company.

The company, which placed its flagship Meekatharra gold project in administration earlier this month, also announced it would book a $70 million non-cash charge on asset impairments in its 2012-13 full-year results mainly because of the lower gold price.

The impairments include $62.3m on the Meekatharra project, $3.3m on the Comet Vale gold project, $3.3m on the Mt Finnerty iron and nickel project and $400,000 on the Barrambie project"

Share price dropped 50% from 48c down to 24c but have been as high as 62c since and are now ~37c.

POG at that time was ~$US1400.

Hmm..."big asset writedowns", "cutting costs and preserving capital", "asset impairments."

Where have I heard those terms before?

Extremely pleased those issues have already been addressed by SLR and it makes me wonder why we had to hire a former CEO to actually make a decision to close Murchison and co-ordinate Mt Monger, etc.

At least SLR shareholders haven't had to endure a "major board, management and operatioal shake-up at the company", with the exception of Murchison, since Mr Tonkin joined the company in October, 2013.

Expensive way to do it though IMO even though LT has had experience in this field.

Read into it what you wiil but I sincerely hope Mr T can assist to improve SLR shareholders' wealth without the share price being crunched anymore than it has been, now that we've done the hard yards!

Grist for the mill.

Cheers all and GL,