The hedge is a very good move by FEX and Rob and everyone involved deserves due credit.
More importantly, if Rob moved on, I would have thought his role in securing the funding and infrastructure and then delivering first production would be achievements that rate more highly than placing the hedge. The excellent project delivery has set up the ability for the company to pay a maiden dividend and provides an opportunity to build something special.
For Welborn, here’s a few examples of what you are looking for that I remember (there will be many more):
- PDZ and CLN acquisition of Mali gold tenements - created about $50m for PDZ and ultimately $500m plus for CLN. read about it here:
https://www.westafricanresources.com/wp-content/uploads/2019/06/WAF-AFR-1.pdf- EQX various deals and project development and successful exploration from 2010 to 2014 that saw the share price go from 25c to $4
- EQX acquisition of strategic stake in African Iron (AKI) shares for a small investment that were ultimately sold to Exxaro for $65m making about $50m profit. Read about it here
https://m.miningweekly.com/article/equatorial-buys-199-stake-in-african-iron-cape-lambert-slams-move-2011-06-30and here
do not advertise external links.au/companies/news/33124/equatorial-resources-to-receive-a65mln-accepts-bid-for-african-iron-39469.html- RSG acquisition of Toro Gold in 2019 which by anyones analysis saved RSG and has delivered hundreds of millions in shareholder value. Read about it here:
https://www.australianmining.com.au/news/resolute-bolsters-gold-portfolio-with-400m-toro-acquisition/these off the top of my head from memory as a shareholder and some quick google research. I’m sure there are many many more. In the end the guy has had a long public career and is recognised for various positive achievements. It would not have been easy to get RSG from 25c to above $2. Have a look at the share price graph of RSG since Welborn resigned and then reread the quote from the Chairman. The change in direction for RSG has not gone well for shareholders.
The examples above is where Welborn was an MD and CEO so probably more useful to look at Orbital corp or Apollo where he was exclusively an NED or Chairman. OEC a good example of repositioning of the company following Welborn’s arrival and a series of strategic decisions. Some of these I did not agree with at the time and have ended up being duds (I am sure if you dig hard enough you will find posts of mine at the time being critical). However, overall he has been very good Chairman and has steered Orbital in a manner that has delivered a big increase in shareholder value.
against this there is the decision made by EQX to invest $15m in SO4 ( when Welborn was an NED) which I am on record, as noted, as saying was a real stinker and should never have been made.
anyway, you asked for one example and I have given you a few.
but I’m sure that is not what you are actually looking for. Is it?
what you are looking for is more circular posts identifying that Welborn was on the grassy knoll, partnered with Bondy, and is a member of Antifa and is secretly trying to merge FEX with the Wallabies and use all the company’s cash to buy a new rugby stadium and a bigger boat.
and John, if you are reading this (and we both know you are) I’m sorry - I know you say to ignore the peanut gallery of idiots at home in their underpants looking at the screen - but its a slow day on the tools and anyway, I’m being nice.
good luck to all.
J9
(20min delay)
