Galahad and Bottle Creek I have been thinking about Galahad and Bottle Creek for some time. In fact, Bottle Creek was the reason I purchased PMM. Since then management has done nothing for shareholders except talk a lot and perform an infamous 10 to 1 reverse split that demolished shareholder value. Galahad has a carismatic CEO that looks out mostly for himself and maybe for the shareholders. Up until now I have given him the benefit of the doubt, but it is 5 years and we have seen nothing, but SP dropping. We need a SP of 0.60 cents USD to break even if you invested in the former company, PMM. Moly was its asset and it was a good one. Now they have done a spinoff of that asset and they obviously think it is worthwhile, but they will not let shareholders get a piece of the pie, and I think they are making a BIG mistake. Keeping this asset for themselves shows where their true interests lie and they are not with the shareholders. Exeter spun off Extorre and Extorre now has given shareholders a good profit. Mr. McEwan of Minera Anders is doing the same with his copper mines and will give shareholders a similar profit. Galahad has decided to keep the profits for the insiders, which I could live with if the SP was favorable for the shareholders. However at the 14 to 18 cent USD channel in which we are trading saying that:
Galahad intends to retain the Consideration Shares, rather than to distribute them to its shareholders. The Board of
directors is of the opinion that by Galahad retaining the Consideration Shares rather than distributing them to its
shareholders, an orderly and balanced after market will be created for the IPO shares.
is subject to discussion, and in my opinion ludicrous.
I do not enjoy being lied to and abused by management and they are doing precisely that with this outrageous proposal. I hope others feel the same way and perhaps a protest will at least let management know they are way off base on this issue. We should be rewarded for having given a green light to Mr. Dow when he asked for it, not betrayed as soon as the opportunity to reward us is at hand.