TSX:SGR.UN - Post by User
Comment by
Quixoticaon Mar 21, 2012 10:05am
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Post# 19699172
RE: RE: Steady As She Goes
RE: RE: Steady As She Goes Good News = STOP PRINTING SHARES! Wynne et al. have pretty much diluted this company to a pulp and have grafted themselves a handsome nestegg. He repeatedly promised me production of 100,000 oz./yr for 2005 and 7 years later, if not for some surface stockpile he'd still be significantly short.
Almost every financing they did was done at market lows and created unnecessarily high dilution. When the stock hit 2$ in 2006 they could have gone to market but failed to score and, in an effort to save pennies at the cost of dimes, did piecemeal financings enriching bankers and themselves on freebie options.
I used to believe strongly in this company but have come to the conclusion that they will never amount to much and ultimately be acquired for a baguette by a healthy suitor - all quite sad to say the least as they have great assets but terrible stewardship.
The grotesque way they dole out the options tells me that they care not about growing the company but more about their paycheques. A pity to say the least.
GLTA