GREY:MAAFF - Post by User
Comment by
Brainwave1on Dec 23, 2010 11:01am
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Post# 17888055
RE: A New Management Team is an Obvious..
RE: A New Management Team is an Obvious..Yes, great idea Sailor. Shareholders could "shop" for the right management team. There is probably enough anger right now to get such a motion put to the next meeting, which is extraordinary, although otherwise qualified parties with enough at stake have to take the lead, possibly the brokerage houses? No one seems to be rushing in to mount a takeover, hostile or friendly.
Your second point: The burn rate from what is a large management team is excessive, about $20m a year, especially given that the company is not actually running anything now, apart from the forestry division. Wer'e also supposed to get $400,000/month from the DRC electricity parastatal, SNEL, in respect of previous work but there's been no info flow on that either. Aside from the Burtons, there is Stephane Rigny, whose Father founded this thing with Bill senior. It is a way too cosy set up for a public company.
In meantime, how about taking out an ad in the National Post or Globe and Mail: "WANTED: new management for a company with great assets and prospects. Shareholders waiting to be rescued will entertain any reasonable offer". I'll buck up to help pay for it, anyone else in?