Moulouk wrote: Good question Run...
Greed? Lack of vision? Too much confidence in management? Stupidity? Maybe a bit of everything...
I still own over 100k shares and decided not to sell at this level. I was very confident in the past and happy to have a CEO that was transparent and who took time to clearly explain where GMA was going. That was back in March I guess...
A lot of red flags were present and I even wrote posts about the red flags, but still decided to keep my shares...
The only thing I can say for sure is that there is no plan or PLAN as some may thing. I can simply state that I observed in the last few months that the Board of directors or/and the management team simply... improvised.
Simon told Goldn (and Goldn provided supporting emails to this Board) that:
- the PEA was ready and was simply waiting for the return of vacation of one of the QP (which means that GMA wanted to produce the PEA at that time);
- Then there was the other QP that took vacation (GMA intended to produce the PEA at that time);
- Then he told some other investors (maybe Goldn?) that July sucks for news.
- For the end of October convention on mining industry, GMA provided highlight of the PEA in the summary of the conference that Mr. Cayer was supposed to give to the participants. When was this summary prepared? How can you be so off again referring to the PEA?
- Dany Deadlock was told the same thing and is pissed because he relied on Simon's words.
So up until beginning of August (at least) the PEA was supposed to be out and it was only a question of signature.
And then all changed...GMA had the PEA ready, was supposed to publish it (the CEO informed the shareholders about that...) and then ...nothing. So there is no PLAN. GMA reacted with the flow.
I am looking forward to go back in the money with this stock as I will be able to take a decision on what to do next. However, when analysts analyze a stock, they always consider the management factor. Is the management reliable (be trusted) and can the management deliver. On my side there is a big negative sign in the management column and frankly, I will probably sell earlier than I would have wanted because I have
no confidence at all in the management capabilities.
I guess that unless you are a member of the BOD, working for GMA or simply lacking common sense, shareholders all agree that this BOD really screwed up in the last couple of months.
Hope the wind turns, as no one likes it when your stock reach $1.06 and goes down to $0.16.
Cheers,
Moulouk