RE: RE: RE: RE: RE: RE: RE: Stop the scam Let me explain again what was atrocious. We all know miners have had a difficult year. Irrelevant. MMY was growing earnings and share price until late 2011 when management came up with a stupid plan to buy Mengapur and finance it with a ridiculously low priced PP. I do blame management when it tries to issue shares at a fraction of what they are worth. It is their job to do that opposite of that.
Regarding misleading me, or others.
1. Do you mean management could have sat on the September 2011 results until after the shareholder vote since they would have shown a stronger company? Sure looks like they did.
2. Do you mean they could have said the PP was necessary in order to buy Mengapur, and then less than 60 days later closed with cash on hand? That is what they did. They even had enough extra cash to lend to Yukon.
3. Do you mean they could have missed their target for production this year? They did. I could go on.
We cannot reasonably disagree on the merits of the PP. It makes no financial sense. When it was portrayed as necessary to acquiring Mengapur and IF Mengapur was worth three or four times the actual purchase price it barely made sense. Well it was not necessary to acquire Mengapur thus they cannot show how it makes sense. All management can say is we need the money. They should do a rights offering and be fair to all shareholders. They are issuing 140 million shares and 70 million warrants just to move up production of Mengapur by 12-18 months. It is not worth it.
Lastly, Mr Baldock does NOT have an impeccable record. I grant you he made a great acquisition with Selinsing, and an excellent job bringing it into production. But I see a poor record in terms of financing. The convertible note issuance in late 2010 was unnecessary (20 million shares plus 20 million warrants). As was the forward sale. We don't need to rehash the PP. He was recently let go from Yukon. Monument has the lowest PE ratio of any miner that I have ever seen. Need I go on. It says to me that he is great operationally but needs a finance guy.
Yes I am an unknown ID on a board, but It is the facts that matter. My intentions are clear - create shareholder value. That is what management is hired to do. I'm in this fight because a simple fix can result in the stock trading at proper levels of 3-4 times the current price. They should be buying stock at this price, not issuing it. It is basic finance. Geez this could be a Harvard Case Study on what not to do.