RE:RE:Shout out to Karnalyte and GSFCAgreed Ari, and as a shareholder I do appreciate the fact that current management appears to have put the brakes on frivolous spending since the new directors have joined the corporation.
Shareholders will have to decide where they stand on this issue keeping in mind, when this csg group was elected in May of 2017, the corporate treasury had $9 million cash and a $5 million BMO investment which was later returned to the treasury as cash. $14 million dollars in total
As of March 31/ 2020 Cash and cash equivalents $ 7,292 million
including the additional $2.3 million making up that total from the
dilutive rightsoffering.
Hard to believe, but almost $9 million dollars was burned the past 3 years as the shareprice continued to spiral downward.
Add to that, in 2017 this same csg over turned the previous years director fee cut the very first week they sat in the Boardroom, so that should have been the first sign of things to come when shareholders were finally informed of the groups new found increased income.
The more things appear to change, the more they stay the same for Karnalyte shareholder misery. 2 years ago this was the song shareholders were all being asked to dance to by the csg!
SASKATOON, May 29, 2018
Speaking on behalf of Karnalyte's Board of Directors, Peter Matson ,a Director and the 3rd largest shareholder of the Company, said: "The support from our largest shareholder and strategic partner is an important endorsement of the necessary and disciplined steps that our Board has taken over the past year to turn the page and position Karnalyte to create value. We appreciate the time many shareholders are taking to engage with their Board and the many expressions of support we have received." Mr. Matson added: "As a long-time significant shareholder of the Company I have been disappointed with Karnalyte's performance. Since I joined the Board I have learned more and have been extremely disturbed by the conduct of past management and certain shareholders who have put their personal interests ahead of the interests of the Company. We will never create value if we don't break from this past. As Directors, we will never again allow any individual's personal agenda to stand in the way of the Board of Directors moving the Company forward with the objective of creating value for all shareholders."
Added Mr. Matson: "The Board is unified in its commitment to create value – we are directors, but also individual shareholders with skin in the game. Collectively we are the largest group of shareholders, and accordingly we have the most to gain, or lose, from Karnalyte's future. Your Directors continue to engage with Karnalyte's partners, stakeholders, and bankers, as well as industry professional sand fellow shareholders. These discussions make it clear that we need to end the involvement of those who would seek to take advantage of the Company for their own individual purpose. We took a crucial step by recruiting Frank D. Wheatley, a seasoned, experienced executive who has put in place an actionable plan to move Karnalyte forward, and who is exactly the kind of person GSFC was referring to as being essential to ultimately financing the Wynyard Potash Project.
Fast forward to today, same tune being played on the jukebox