whats wrong? the board?

There is no doubt that shareholders have witnessed a massive destruction in shareholder value. The problem with this company is that investors have lost confidence in the governance of the company through it's ineptitude and failure to clearly communicate with it's shareholders.

Of all the speculative companies that I am invested in this is the worst for communications. Shareholders should carefully consider the current governance and management structure of the company. As I have said in a previous post there is an old addage that you should never put an exploration geologist in charge of a listed company. There are some notable but rare exceptions to this rule but mostly exploration geologists only have thier eyes on the wholly grail and will often ignore basic management tools and shareholders rights to get to where they think the grail is. I would imagine that by now even Jason and the Argonaughts will be losing sight of the golden fleece!

This board needs a major shake up. While that may cause some short term pain it is probably the only way to avoid the potential massive overhang of stock coming on to the market. Apart from the overhang from the recent issues, stale bulls will now start selling to create tax losses prior to 30 June. There needs to be bold action to counter these factors.

The way the market is looking you have to think that someone wants to buy some very cheap shares. Unless something is done quickly we will be looking at sub 20 cents.