Hi bbeenn,
I agree with you, there would be no chance of removing ML from the board & based on his majority family shareholding & where he comes from (family background/upbringing/inheritance) he rightfully deserves a seat. He has a lot to offer where credit is due along with his founding father (the old man who died tragically falling off a roof doing maintenance). He would be best suited in a supportive managerial or consulting role. Perhaps in a supportive PR role &/or wholesale marketing as that is where he is positioning himself & gravitating towards!) I don't believe he has quite the professional acumen nor the academic background to serve as a forward thinking CEO of a public company & this is evident in the way he presents himself publically. He's an average personable kind of bloke. I'm sure nice enough to have a beer with down the local pub. You only have to listen to his radio interviews / presentations & listen beyond the scripting. Although passionate, he doesn't sound believable when he falters with his speech. Taking CTO to the next level is a immense undertaking, pride & prejudice is at play here. The current CEO can't just hope to continue to fumble through with his old pal JF. Notwithstanding, this is now a public company & he has a fiduciary duty to its shareholders & it is no longer his damning birthright. A company in this stage of its development cannot be run from his apartment/office in Dubai. Quite selfish & arrogant to position himself & his personal tax interests there. There is no short/medium term benefit to have representation in Dubai from a wholesale/retail trade perspective. Remember the 1st 40,000oz have been promised to AGT.
At this time, I haven't read into much of the other 2 directors. They have well regarded career achievements & acedemic backgrounds.
I believe CT to be a credible geologist who is professional & competent in his position as COO. It is true that his credibility as a geologist is riding on the success of CTO. I believe he is politically & financially hamstrung as a result of the current board structure.
My reckoning as a long term substantial holder.
** Do your shareholders bidding & help CTO get its market confidence back.. Vote NO for JF on your 2009 AGM Proxy **
(Not intended as investment advice, do your own research, blah blah blah)
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