Far fetched arguments?!
Mate, we've got people here calling for the chairman's head because they are clearly looking for someone to blame for poor comms and a low sp.
They jump to what/who they think is "ultimately responsible", which is our chairman, apparently?! I merely pointed out that going by their own reasoning, he is therefore also "ultimately responsible" for us being able to survive this st!tstorm environment we find ourselves in. They can't have it both ways.
That is some decent pay, sure, but it is beside the point. The point is emotional investors getting shouty because human nature leads us to find an easy blame we can "fix".
This still stands:
How has the business performance suffered as a direct result of his actions/inactions/decisions etc, for example? How have his specific responsibilities been neglected, and how has this affected the performance and potential and security and prosperity of the business, for example?
His key role is to ensure that the board is effective in setting and implementing the company’s direction and strategy. Unless people can point out specifically where and how he has failed at this, which thereby impacts the performance and potential and security and prosperity of the business, then they are simply clutching at emotional straws hoping that getting rid of what they "think" has devalued their investment will turn the sp around.
There's very little talk around here about direction and strategy, it's all about the here and now, and who can I blame for the sp or not enough info being shared about ponds or shipping.
I'm heavily invested here alongside many others, and of course want the best for the company and its future prosperity, but I am not at all
convinced that turfing the chairman will change anything of significance. I have no sound basis to believe this. Simple.
Re continuous disclosure:
I just shake my head when I see people getting so worked up about not getting an instant update about why the pond lining work program hasn't apparently commenced when they said it would.
The POSCO deal hardly had a material effect on the share price; as if minor operational details like this will.
Sure the A40 debacle was terrible and questions should be asked ofA40's disclosure, but I don't see parallels here.
Perhaps a good question for the call in next week - why wasn't the shipping guidance revised and the market notified..?
Yes I think stuff needs improving but are they actually in breach? They can just say that negotiations were incomplete. They probably were.
I'm sure the company takes a potential breach and possible criminal offences very seriously btw.
Just because we don't like it (the lack of info), or we expect that more info will shift the share price (will it, really?), doesn't mean that they are actually in breach. Do they really think it'll shift the share price? Do we REALLY think it'll shift the share price..?
I'm all for responsibility and accountability, just not convinced that the witch hunt is justified, especially based on the emotional and rather hollow reasoning that has been presented by those with the megaphone, that's all.
YES let's get more clarity and better comms from the company....
But..
People desiring more is fine and that's their opinion; great.
People claiming breach of obligations is a different story altogether. Very different. That requires far more than an opinion, and it seems that's where a lot of posters stop.
If they are in breach, they should be held to account, sure. Absolutely.
All we can do to call for better comms is voice our concerns to THEM via effective means i.e. directly, which some are doing. Great.
Personally, I continue to wait for the rising tide and real fundamental milestones with the business, towards multiple producing assets amidst the might of the S-curve of demand growth....
I'm not "defending" the company, I'm pointing out that people are running around with pitchforks, with half-baked conclusions based on flaky "analysis", driven more by emotion than reason imo.
...whoops, this was supposed to be a short response. Oh well, maybe next time.
