RE:Santander Syndrome And Other Serious ConcernsGalvanizer- my sincere thanks and appreciation of the work that you did in putting forward your views...especially the part on 3 CEOs, 3 CFOs two HO changes, etc., etc.
You asked the question of where did they come up with stock options at 4 cents per share? You can also ask why they had to pay so much to the underwriters as far as shares / warrants and the options to pick up additional warrants at 2 cents (this latter part you did not mention)? Oh yes, you did mention that the CEO and CFO are making off like bandits given what they are getting paid and the sorry performance of the stock. At least the underwriters really dont make money until and unless the share price moves materially north of 23 cents. I guess they can always sell their 18.5 cents shares that they got under the underwriting and let the warrants expire and thus are unexcercised.
All of your questions point to something that I have been expounding on:
1. Management is there to make a living (and at a couple of million dollars a year for some of them, thats pretty good living even if its Canadian dollars);
2. Management and Board of Directors work for themselves- dont be fooled by the rant that they work for the shareholders. BTW not one question was asked by the vociferous shareholders at the last meeting. Were we prevented from asking or simply that no one asked? For me, I I came late to the call and thus did not want to ask a question;
3. most importantly they are in it for themselves. Management is taking care of themselved; Glencore gets their feed and makes a margin refining the zinc and gets to help call the shots.
At the end of the day not recognizing that we, as shareholders, are a means to supplement management's wishes. If they really cared about long suffering shareholders, why not offer financing units directly to us by issuing warrants to existing shareholders? Reason is simple, as that would complicate things and would allow us pesky shareholders into the club and that is verbotten!
like you "I am in it for the long haul" and I also have a much higher target price before I can gracefully exit licking my wounds. I got conned into buying Constellation Copper - a highly manipulated stock and lost a pile of money (management was doing fuddle duddle with information) and swore never to buy into garbage stocks again but was tempted by the dividend and the great story.
Guess it is not working out but some fool on this board will come along and say that the stock has gone up 300% (from the 6 cents level) and they will prove that stupidity cannot be wished out of some investors minds!