RE:RE:RE:RE:RE:I'm voting NO..3X salary for quitting? UFBManagament compensation will not be a hindrance if a takeover were to occur on Steppe. The amount btween 2X and 3X is less than a million dollars!! The fully diluted market cap for the company is nearing $200 mill and any buyout wuld be a couple a years away at marleket cap of AT LEAST double that. A milllion dollars difference in executive compensation will not be a deal breaker. The way the gold space is these days and the foreseeable future you are looking at bidding wars for assets and companies. Take a look at Nordgold and Shandong bidding up Cardinal.
Covertible Debentures being repriced was the market speaking at that time. It had to be re-priced to close the financing. The investors spoke. In the end it was capital needed to susutain the company to production. MISSION ACCOMPLISHED!
You refer to management having shares positions as being well compensated... yes they will be...and they will deserve the upside that they will have in case of a buyout. Just like Rob McEwen. Yesterday , first you complained they should make money on the stock like he does, and when I pointed out there share positions you retreated from that point to say that they were already well compensated vis a vis their said share positions. You can't complain about them not being like McEwan and then say that they do have enough shares and don't neesd they 3X buyout. It seems you're just searching for things to complain about.
I repeat. I want managment to be paid well. To get me a big number on a buyout... get their Change of Control money that the buyer will pay anyways! A buyer doesn't mind paying an extra million on a $500 mill buyout.
As far as the KNT comparison: That's made to point out the strategy of phased production. KNT also started out with smaller phase 1 production and now wil move phase 2 and then 3. Management was simply pointing out this strategy can work and giving an example.
A couple of differences between the 2 companies: KNT has +5 million ounce high grade deposit... it's a true succes story. Steppe's AU resource is not that size. We will see what drilling brings over the coming 18 months, fair to say that Steppe would like to see at least half that number at ATO/Mungu. Still much smaller. Also, KNT has been public for 6+ years... triple the time Steppe has. This has allowed them to build up a wider shareholder base which allows for big moves in the share price, based on news etc. This will come in time for Steppe.
The CFO was referring to the LOM AISC. Have you ever read a feasibility study? AISC is given as LOM(Life of Mine). AISC is ALWAYS HIGHER IN THE RAMP UP/OPTIMIZATION STAGE an then gets brought down in subsequent years. Prior to production it is always given as LOM!!!
I guess I gave you more credit than I should have for you mining knowledge.
Just so you know, the buying last week was from a couple of institutions and familly offices who were impressed by Steppe for the Mines and Money conference the week before. Tommorow begins Beaver Creek, so expect to see conversion in the coming months. I know for a fact there are big things coming and I'm not talking about news. I'm talking about large institutions who like what the see and have been following story for a while, starting to wet their beaks and put stock away.
Finally, if you believe you are just getting crumbs from the Master's table, why don't you just sell your stock?