RE: Prognoz - resource potential is huge!I am an individual shareholder here, as previously noted. My holdings are by most peoples definition substantial in terms of an individual. So of course my interest level is high. I am happy with the new results at Prognoz, as we all should be. HOWEVER, and this is a really big issue with me now: what and who are we dealing with here in terms of management? I completely agree that what has gone on up to now regarding Prognoz should not just be passed by at this point in time, because it indicates a potential attempt at fraud in the worst case, and/or very poor, inept and should I say stupid,managment if not at best. IMO
If it turns out to be the worst case, I do not want these sorts of people in charge of these assets. It is that simple with me.
I certainly think the Canadian Securities people, who sent me something yesterday in reply to what had been my latest email to them, saying that without further complaint the matter was basically resolved, unless I had something further to say, should be doing something. As someone noted, do not expect this to happen. But I do have something further to say to these people, as well as to the management and other shareholders of High River!
Shareholders: Do not let this pass without YOUR comments. Take the time, send emails, letters, phone, or do something, whatever your position is on this, at the VERY LEAST, regardless of what the share price does.
If someone attempted to do this to you on a house sale, a car sale, or on anything else, you would probably act upon it. Well, you are invested here possibly, and if the head of the company and other senior people attempt to pull one over on you, DO NOT let it pass, because it begs the obvious questions regarding their integrity etc.
So here is what I think should happen:
1. The parties involved should first answer clearly as to why they thought this was acceptable, and be open on a conference call to questions by shareholders. This should be within the next two weeks.imo If they do not do this, then what conclusion would one draw????
2. If they do not answer in some sort of objective, deemed to be honest and adequate way, they should ALL resign, OR shareholders should seek remedy. On what basis? Huge value decrease in their holdings, caused, imo, by this group and their actions. Just match the performance time lines (stock graph) with this failed deal.
3. If by chance people accept whatever explanation these folks offer, they should be VERY carefully watched, and the obvious question posed. Should they remain in charge? Shareholders should if left vunerable form some sort of group to communicate and monitor further actions. As well the BOD and managment should certainly outline clearly what their intentions are moving forward, and specifically what they have in mind for Prognoz. Not some vague BS boiler plate nonsense, like we are working for SH's best interests. Or maybe they would/should say, we are working for our own self serving deal, and can't quite figure out yet how to get around all this resistance, so we will keep everyone frustrated, hope we can get more shares into "friendly hands" and do it all again. At least we would then know where we stand.
5. Canadian Securities people should also clearly state whether they find the past actions acceptable, and if not then what are they doing about it, to protect shareholders in the future, and what punitive actions are being considered? After all, if the prime mandate for the BOD is to protect and enhance shareholder value, what excuse do they have for this past deal?
The Prognoz property looks to be world class, as many of us have incorporated into our guidance for purchasing this situation. We want max. value from this! Is this a mining company or not???? We are being told, one of the worlds best silver bodies, with guess what?? THE POTENTIAL to be MUCH BIGGER. So why, why why, would a company let go of such a property, and not just develop it to get full value, and really push the potential? If it takes a bit of time, SO WHAT!!! If GOOD management gets the potential across, investors WILL value it properly.IMO But that brings up the whole investor relations end of this company as well, along with the guidance they work under, from guess where???
If the current managment is unable to structure a deal around such an incredible resource, then leave and hand it over to someone who can. I am not saying they have not put together a great package of assets, but we are moving FORWARD NOW, not backwards, and getting value and managing these assets is what is required NOW.
Over the next months I think we are at a defining moment in this companies history. I hope the right steps are taken, along with the best managment possible in place. The potential for shareholders is fantastic, but will it be realized. Remember on thing about Prognoz, silver is touted by many who study it, to be THE METAL which is about to perform very well over the next decade. Some say it may move to $100 per ounce. Whether that happens, who knows, but the future does look good for silver, in any case. It is trading for $17+ and we are told we may let Prognoz go for pennies on this, with a resource base which could grow much larger. Why would anyone do that???? So they can go out with the money and look for another resource??? Pleasssssse, give me a break.