The General Meeting has just concluded. Get rid of the old guard was the call. Well they are gone. At least from BSR that is. The only one to have a whine about it would be Alex I do not think Moudo would care less. All resolutions passed by huge majorities. Alex may hold things up with MGO directorship though. Any real news about the present state of play, financial crisis or possible options moving forward?. If you thought you were going to be enlightened by zooming in to the meeting you would have been sadly mistaken and would have just wasted 52 minutes of your life.
Alex's new plan has been listed with the ASX ironically by Ian Riley on the day he was voted out. I believe Alex can thank Modou for the reason it was not made public earlier. Way too late to have had any effect on voting.
All the new Board would say is that they hope to know more in week or two and will presumably let us know when they do..
Here is a list of the questions I had attached to my proxy:Based on the premise that a new Board will beappointed I would like answers to the following.
Is it your intention to retain the services of any ofthe old, elected management team and appointed contractors? If so, who willstay active?
How much additional capital is required to get theenvisaged mining operations fully operational at a recovery rate over 90%.?
What would be the lead time required to achieve this?
Who will be the mining contractor Junction Mining orBCM?
Will the services of Andrew Goode be retained.?
What is the project’s total debt (all sources) at thistime? (BSR and MGO)
What are the total immediate costs to be met getthings up to date for example Auditor’s fees, wages owing, outstanding corporatefees and the like?
How much of this has to be raised and paidimmediately.
Is it possible to do a deal with Coris and othercreditors to keep them at bay until production is achieved?
Based on these answers – What total additionalinjection of capital (immediate and short term) will be required to achieve theabove.?
How do you intend to proceed with raising it.? Allcapital or a mixture of capital and refinancing?
Have any ofthe proposed new Directors, BCM or to their knowledge any other party approachedthe AFC for a refinancing deal or any other proposal?
Is there anytruth in the rumour, the reason for BCM not being awarded the mining contractin the first place was that its quote was higher than everyone else and BCM didnot have the correct equipment, or the previous experience required for the miningmethod required?
If the newBoard are unable to answer these questions or provide an accurate picture ofthe whole situation involving BSR and MGO at this time, when will they be? When dothey expect to be able to provide shareholders with their recommended fix?
Apparently I must have jumped the gun by some 3 or 4 months with these questions.
Other than Andrew Goode possibly being retained I am non the wiser. As Ian Riley was present at the meeting and apparently still in the loop I thought some of these questions could have been answered as if anyone should know, you would figure it would be him. But as MGO now appear to be a complete autonomous entity maybe they see no reason to let him know or us for that matter know what is going on over there.
The new Board appear to have great confidence in the abilities of Mr Moudo Guene MGO's General Manager( Director General) when it comes to liaising with the Senegal Government, Coris Bank and others over there. I only hope they are right. If MGO goes belly up, so does all our money.
The AGM is due to be called soon maybe we will get some real feedback then.
