Constructive Criticism
I agree that btrevb may appear to be an enigma concerning his interest in Metanor and can be very critical. However, in the summer, when the shares were racing upward, I recall that when he sold out of the company, he said that he would be back, at around 0.41. In my view, he sees this as a low re entry level but is concerned at the ability of the company to make a full and speedy recovery from previous failings.
In a recent post btrevb mentioned that Metanor had been fined (five figure numbers) by the regulatory authorities, as a result of negligence over the 2009 fatalities at the mine. He now raises the subject of a settlement. The contingent liabilities relating to settlement of potential damages is likely to be one reason that the company continues to underperform its assets, as this could amount to ………….. , possibly more than Metanor could afford without a PP. It is understandable that, for legal and insurance reasons, there may be grounds for delay. However, if a claim were to be settled in a timely fashion, then this could make raising a gold loan far easier, as otherwise, lenders would be cautious in providing funds, when the company’s liabilities are uncertain.
Pdcon1 rightly points out that the appointment of a new director of operations at Bachelor is a major step forward. However, major lenders and investors will undoubtedly consider the strength of the board as a whole. Metanor is a newly established company and therefore, lenders would be expected to research management thoroughly.
Source : Company information
Serge Roy - Chairman, President, Chief Executive Officer & Director
Before founding Metanor Mr. Roy was President of Ressources Pyrinor inc. He is a residential and commercial construction contractor. Previously he held various positions with companies such as Construction G.P.M., Stabell Resources Inc. and Ovaltex Consultant inc. (mining consultants and geological engineers). Mr. Roy holds a construction contractor's licence from the Commission de la Construction du Quebec.
Source: Northern Miner 6 May 2007.
Metanor consultant Ghislain Morin was recovering from two heart attacks in 2001 when opportunity literally knocked at his front door. Metanor president Serge Roy was doing the knocking with a geologist’s report for the 4.3-sq.-km Dubuisson gold property in his other hand. “My wife was not too pleased — she wanted me to rest,” Morin says. Roy, a commercial contractor who had worked in mining, was lacking the financial contacts and had been told Morin, who has a passion for mining and is well-known in Val d’Or, would be the ideal business partner.
The company’s projects have been assembled, largely as a result of the efforts of both these directors and it is hoped that they will, in future, ensure that the board is sufficiently well constituted, in order to enable the board to warrant the confidence of lenders and institutional investors.
Metanor’s potential has been amply illustrated by pdcon1 & stranger5 and is available to be exploited – It remains only, that the board takes whatever action is necessary in order to put the company’s interests at the forefront.