New CEO apparently took my adviceBelow is what I wrote on May 16. The new CEO needs to follow up the bad news with walking some people with very high salaries out the door.
"I would recommend a couple of changes. It's just my opinion.
1) Treat Bisha as an asset that is very important to its future. Listen to recent past conference calls and I'm sure you'll be as surprised as I am by how quickly they wanted to move away from Bisha and onto Timok when discussing the future. Timok is a huge part of the future undoubtedly, but so is Bisha.
2) Acknowledge bad news more quickly. IMO problems at Bisha were glossed over for months. Gimmicks like not reporting the 4th quarter earnings loss of 5 cents in the press release by only reporting full year results does not help promote confidence. IMO there could be a culture in the company to sugar coat problems. The sudden drop in the dividend after assurances of its safety could have been a result of this culture. A CEO can change such a culture and walk people out the door who resist.