Like most investors, I guess I got complacent in my investment and confidence that Probe management was doing the right thing by the investors.
That has been badly shaken over the past week when all of this was brought to my attention - ie bonus size which I consider excessive and meritless, issuance of restricted stock on top of everything else, involvement of key management in Angus in ownership positions. Not as in directors' seats in Canstar, but significant ownership of about ~58%
I have admittedly been extremely exasperated by the stock performance. Suggestions have been made to the management team for years to do more marketing to widen the company's profile, to no avail. I believe Dave's standard answer has been something like this - that they will keep their noses to the grindstone and the stock price will take care of itself. Except some noses have been lifted. While the results they have had are ok, they are not great and I have come to the conclusion that the stock price is taking care of itself and it's not good. It needs help.
i think management has become very greedy and they needed to be called on it. Did you honestly know how much Dave and company were remunerated before you received the circular? I didn't and that is what started this, and things got more and more questionable in my mind as well as others I speak with as the involvement in Angus came to light.
That part just blows my mind. Dave had a chance to address this at the AGM but instead cut it offf with 120 minutes left to go. He could have taken the time to address this and give some kind of explanation. I'm sure he devotes the majority of his time to Probe, but Langlois obviously does not. They insist it's a dormant company, but the facts say otherwise. They have acquired properties, hired and compensated Probe staff, are doing a sizeable $2.6M flow through financing. This is a direct quote from Langlois on one of the Angus news releases:
Patrick Langlois, CEO of Angus, states, “The project follows a proven strategy of acquiring underexplored areas within producing belts and applying focussed exploration programs to unlock value. We have had success with this formula in the past and we look forward to beginning exploration in Q1 of 2020 on the Mishibishu Belt.”".
Who is "we"????
What do I want out of this? Accountability for one. Transparency for another. Paying attention to shareholder concerns. Eliminate the double dipping one way or another. Clean up this mess.
If the stock price goes down because of questionable ethics and performance, at least better practices will hopefully be put in place and the company will steer a straight course going forward with all of their employees putting all of their focus where it should be. On Probe.