PDAC Letwin you had your say at BNN and boy were you underwhelming. But then, you are from Enbridge, which is not a training ground for the best and brightest (can you say Gateway? How about that oil spill in Michigan?). It was funny to hear you say your chair was rented. No Stephen, we are actually paying you to sit where you don't belong. And since we are renting you, not the other way around, don't you think we are not getting value for our money? Isn't it clear from the markets that you are not wanted? If you really cared about shareholder value you would resign.
On the plus side, you have stopped trimming your moustache to a thin line, thank god. If I was in a meeting with the old you I don't think I could have stopped staring at it.
It was also funny to hear you talk about having a strong balance sheet. Well, compared to Yellow Media you do, but don't you just wonder in the wee hours what it would be like to have that $600 million back? And then you talked about grades falling, on average. That doesn't mean you have to go out and lower yours on purpose. The hole Cote Lake is going to become is over 2 km long and 600 m deep. Really? Look, Stephen, the only good thing you can do now is put all the spare cash IMG has into oil stocks, because the amount of diesel you are going to need for a hole that size will take up a few tanker loads. At least try to hedge it .
And as an aside, where does this brainwasher character come from? Any ideas? If I had to guess, he or she looks to be a relative of Letwin. Second guess, on the IMG payroll, or Blackrock etc. 'Fess up, bw. And btw, just because other mining CEO's did it doesn't mean it wasn't stupid. If IMG wanted a yes man they could have got one a lot cheaper than Letwin.
Finally, the hardrock issues at Rosebel and of course the expense at Westwood were all predictable years ago, There is no chance they did not see that coming. The only conclusion available is that they were dreaming of a much higher POG to cover it up. Sorry boys, you were outed.
Finally, anyone who believes that annual general meetings are actually a forum intended for the free expression of small shareholder opinions is not to be taken seriously. For example, how many of us can actually be present at these charades? Secondly, where is the power? Proxy exercise is it, as it stands. It is time small shareholders banded together and talked about proxies and new business in advance of these things. My broker, TD Waterhouse, actually listed Sino Forest as an action list buy up until Muddy Waters made his famous press release. This shows that banks and analysts cannot be trusted. When banks hold large positions in companies, such as IMG, and IMG knows if it needs money it will need the banks, then there is no contest. When Letwin talks about shareholder value he is thinking for example of Pugliese, who has had $60 million lost on paper over the past two years. Now that is a reason not to sleep at night. What do you hink Bill? Missing Conway yet?