Callinan Royalties Corporation CCNMF

RE:RE:Roland

[DuckConfit]

I don't doubt that. The CEO is ultimately responsible for the company's performance. When a company performs poorly, shareholders are bound to blame it on the CEO, and the CEO deserves the blame. Roland is no different.

While I don't share AARMY's $4 valuation, I do agree that the company is being poorly taken care of. This thing is in some bizarre no-man's land between a growth company (whose growth strategy doesn't appear to be working out), and a value company that's too small and too thinly traded to attract the type of investors who commonly invest in value (pension funds, etc.). Butler is a geologist. I don't doubt that he is a decent evaluator of mining assets. Certainly, he's yet to show us so, but he has a mandate to invest in mining royalties, and mining royalties are declining in this market. C'est la vie.
What is apparently lost on Mr. Butler is the fact that he ought to do something, anything, to generate an order. Callinan was blessed with a very loyal following of shareholders when he took the company on, and the ones who are left appear to be gathering torches and pitchforks. His communication has been tone-deaf at best and spiteful at worst. Regurgitating that wildly unpopular nomination bylaw after it had been voted down at the previous AGM is a really good example of the contempt in which he holds his shareholder base.

Stock isn't bought it's sold. If there isn't somebody marketing a security, bringing the proverbial light at the end of the tunnel into relief - giving it shape, a stock lacks support. Throw in a reasonably upset base, and this is where you end up. Butler is stubborn. He didn't address any of this last year, and doesn't figure to any time soon.