Northern Miner Quotes and new horizons!Northern Miner quotes 2015-11-11}
{According to CEO Dev Randhawa, Fission got into the “mid-50%” range of votes, but could not clear the hurdle due to opposition from retail shareholders. The merger fell through despite Lundin making a trip to Toronto in October to sell the concept. }
Range of VOTES….is not necessarily the range of VOTERS…two different things.
Example. One person has (1M shares) 1,000,000 votes and votes for “yes”. There could be 10 voters with 100,000 votes each voting no. The vote comes out as 50% yes and 50% no, while in actuality 10 out of 11 VOTERS voted no. Stating that “Fission got into the “mid-50%” range of votes” could make someone think that the majority of voters wanted the merger which is really an unknown; unless we knew the exact number of Yes and No voters…..not votes. The 2/3 majority needed, is an attempt to level the playing field to some degree!
Is this pre planned for another merger attempt….making us think that most voted yes, and that it’s only a matter of time for a yes vote, or that the no voters were somehow wrong, or uneducated and stupid? Or one could be made to believe that the majority of voters are happy with the present management, want them to stay, feel that they are doing a good job, which again, may not be true!
The OS group bring a certain “be more careful with what you are doing” to FCU at least; you are under surveillance and will not be allowed to irresponsibly free wheel with shareholders investments. I am not part of it (OS) but like the idea of a police buffer in this specific case.
{“It’s business as usual — nothing has changed on the ground.”}
Business as usual…….Does that mean that the financial bleeding will continue? Are expensive non- productive jet set world expeditions going to continue at shareholders expense? Are there going to be more lucrative bonuses given to FCU directors? More expensive legal tie-ups to protect FCU positions? Are we going to be subject to another faux pas merger? The last thing FCU can afford in this market is “business as usual”, which in reality meant downward pressure on share value according to the track record! We need CHANGE with ACCOUNTABILITY! No accountability…….has been the Achilles heel of FCU –merger-travel-bonuses-unrestricted spending. Put the money into the ground!
{Now that the Denison situation is in our rear view, we can hopefully get full attention for the quality of PLS as an asset.”}
Does this mean that as long as DML was involved, we were purposefully undervalued for the quality of the PLS asset? What were the motives in undervaluing the PLS asset? The latest, often, repeated echoing statements “building shareholders value”, seem to ring hollow, more than a weak attempt to influence disappointed shareholders into keeping the same failing state of affairs, same directors……..same results…..different words. And now…… Oh Yes…now we are building shareholders value??! Tripe!
{“It’s an independent document, and you have to wait until it’s finished to really get a look at the details of the project.}
So with the statement below, two months later we get the details. Give it away first then tell shareholders exactly what you have given away? Sound management decisions? This was questioned by most of the analysts!
{Fission released the PEA two months after announcing its intentions to merge with Denison.}
{We can’t expect anything more from our technical team, and we’re an exploration company — so that’s how people should measure our success.”}
Exploration Company is exactly why most shareholders invested! (Not a production company). If exploration is how people measure our success, and you knew that, why did you try to change it into a production company merging with a severe underperformer? Did you not want success? No guarantee of success decades down the line either….if ever? That would explain the lack of success and share devaluation that FCU now faces. What next???
{Randhawa said. “I was surprised with how little traction our PEA generated in terms of share price.}
Surprised is not a high priority good managerial quality. We were tied in with an underperformer…what did you expect?
If you are dividing your time looking after a half dozen other companies around the world and jet setting to China, Asia, Europe, and South America or where ever etc., you will not have the time to give QUALITY consideration to any of them and surprise will be imminent! Surprising for the shareholders is more accurate! Perhaps it’s time that shareholders have another little surprise for D.R. & co.
For those of us that have known Ben Ainsworth personally for many years, I’m sure we can testify to his integrity and especially to his personal commitment to shareholders. Having worked in the same circles as him, he has an excellent reputation among technical people, exploration, financial and mining personnel. Honest, devoted, down to earth, you get what you see type of individual. His in depth expertise goes back many decades and is infinitely more qualified than simply taking a picture in an exploratory ditch/trench. Even being long in the tooth, he still has a few good years of quality service to give and has my vote! And that’s all we need…a few good years. I believe that he would stabilize the situation and add impetus to the project on the board of directors, preferably as CEO.
Whatever happens, in my opinion Dev. must be replaced….and soon! There is no question that he has lost credibility and confidence with a high percentage of shareholders if not most. Ross….maybe….probably!? The other replacement to possibly consider is the CFO, for allowing any non- productive waste of funds!
Time for change! No need to fear a shake up as the discovery is world class and stable and will hold and add value. Good time for a change while the SP are low.
Waiting to buy as soon as D.R and co are ousted!!