Final thoughts going into the vote... Thought I'd leave you guys with some final thoughts to think over the next couple weeks
1) What exactly has FIrst Uranium's management done in the interest of shareholders. Can you think of one example? Last summer FIU conducted a share offering of 0.60/share to AngloGold Ashanti, this resulted in many smaller shareholders (like us) buying into FIU as well. However, according to First Uranium management, less than a month after the financing, MWS and EZ were secretly on the market. So...why was AGA even brought in? Why did FIU management sell MWS a 500M+ asset for 335M to AGA? And why are the assets being sold seperatly from the company? I'll let you guys answer that, but my thought is that the financing was done because it allowed Anglo Gold to conduct DD on buying MWS under the guise of doing the DD for the financing, consequently FIU management was able to legally keep it from the public.
2) FIU management has essentially said that Olma is against shareholders and FIU management is helping shareholders. I fail to see the truth in this claim. Olma, Sprott, and Stratton have been fighting for a better deal for shareholders, why? Because they are shareholders like us. Since Olma, Sprott, and Stratton publicly announced their opposition to the asset sale we have received
- an offer from Renova and Waterpan of 80M for Ezulwini (10M, or roughly 15% more than Gold One's offer)
- Waterpan has said that they will be making a share price offering for 50% of FIU
Now...I'm confused as to how FIU management overlooked this, because Waterpan was a partial owner in EZ a few years ago, so I would have thought Waterpan would have been at the top of the list of potential buyers of EZ. The bottom line is that as shareholders, we are better off following Olma, Sprott and Stratton - these guys eat shrimp like Deon for breakfest.
3) For those of you who are completely disgusted with Deon and the rest of FIU management, if you vote no to this asset sale, and after the asset sale is defeated, you will know that you had a hand in these crooks being fired, and being unhirable. No one will want to hire any of them, they are not even good at being corrupt! They tried to screw over shareholders (in an effort to get on the good side of AGA), and in the end shareholders will be upset, AGA will be mad, Gold One will be unhappy, Renova and Waterpan will be disgusted...SA is not a big place...run Deon...
4) We have been insulted over and over by this company...this asset sale began with the expectation being 0.26-0.35/share, it then dropped to 0.15-0.26/share, then it dropped to 0.11-0.21/share, and today it is 0.0-0.11/share. FIU management has threatned that if shareholders do not vote yes to the asset sale we get nothing. They have sent out two circulars, started making phone calls, and generally acted like spoiled children spending their parents money. How much is being spent on the second circular? How much are the phone calls costing? Why can't FIU management spend this time talking to Waterpan and Renova about a new offer?
At the end of the day...you cannot trust a word that comes out of managements mouths. They have missed production targets year over year, they have kept information secret, they are incompetent. If investors allow management to get away with corrupt actions then we should not even be involved in the markets. If a few guys think they can get away with this shi* then who knows, maybe the next company your invested in will try the same thing.
I will not be around much for the next couple weeks, but I will check in a couple days before the asset sale. I hope everyone is voting no, because this asset sale is not in the best interest of shareholders, and there is a better deal waiting for us.