IAMGOLD Corp T.IMG

IMG - Heart of the Matter

[Luke555]

SPEAKER’S FORUM (apologize lengthy message)
Shareholders, this message is not about macro-economics, it’s about drilling down to the heart of the matter. I’m retired, and I spent my whole career working in the mining industry at the management level. I see a lot of potential and value in IMG. However, as a long time shareholder, (all-in) I’m very frustrated about the company’s poor earnings record over the years and today’s ridiculously low share price, especially in a rising gold price environment! The basic problem is that the financial business model (strong Balance Sheet) vs operational (Profit & Loss) is not working for the shareholders. The inactivity of the President and CEO during his watch, was certainly one of the main causes that contributed to the significant drop in the share price to a low 52 WK CDN $2.69 vs. US $1.85!  Does this make sense? The IMG share price performance is unacceptable and could have been avoided!  He was twiddling his thumps while IMG was burning down!  Admittedly, the IMG low share price was also affected by the big drop in the gold price.  Back to the root of the problem, the President and CEO has been navigating around the boardroom since 2007 and been drawing a big fat pay cheque for poor performance on the back of the shareholders!    Some people are shameless.  Can you believe it?  That’s not how it works in the Corporate World. Again, he’s one of the main culprits behind the poor stock performance of the company and it could easily have been avoided. With the excessive cash sitting idle in the bank, he had the opportunity over the past year to show some real leadership by lowering costs, providing growth through an acquisition, installing a share buy-back program or declaring a dividend for the long suffering shareholders, but he chooses to do nothing! Another missed opportunity is the Nelligan Gold Prospect.  After several years of positive drill results that have delineated a potentially large ore body, the BOD remains non-committal to move the project forward.  I won’t bother to go into the details… If he had taken decisive executive action, this would certainly have unlocked some of the potential IMG value and that would have resulted in a higher share price.  I’m anxiously waiting for an announcement regarding the President and CEO Succession.  He needs a wake-up call or a jolt to see the writing on the wall. We can’t let him retire on the job! Because he doesn’t deserve it! This time around, we need to recruit outside the organization as we cannot afford to make the same mistake twice. In my professional opinion, I do not believe that the current President and CEO has the desire or fortitude to act or change the course of the organization.  He’s comfortable with maintaining the STATUS QUO! He’s long in the tooth and couldn’t care less about the shareholders!  His experience and academic approach to management is not amenable for a company like IMG with all its potential value and we can no longer afford it!  WE are in dire need of a catalyst to unlock the great value that IMG possesses.  Topping my list of catalysts is “Change President and CEO”. We need to blast this chap into the outer orbit because he’s the one controlling the decision-making or lack thereof.  Let’s work together, it’s our money their playing with!  Shareholders, do not be afraid to express your opinion on this platform, it’s your right. These Managers and Directors have enjoyed a good ride; they’ve been mining our pockets for far too long! Most importantly, do not sell your shares at today’s low prices, you cannot allow the hedge funds to stampede you, demoralize you into making bad (emotional) decision.  As I always reiterate, “Be Right and Sit Tight”.
IMG

[toppgunn]

Very good comments.  Agree, need a new person at the helm or some new blood in the organization.  IMG has had plenty of time to turn the ship as could of been using their vault of cash for opportunities over the last decade.  Basically a stagnant company and comes down to patience of deciding to hold longterm as company won't go broke.  Need some catalyst!

[Luke555]

Thank you TOPPGUNN!  The shareholders are speaking-up and they are expressing their dis-satisfaction with the performance of the President & CEO. They are finding it incomprehensible to have an excessive amount of cash sitting idle in the bank- nearly 1B dollars. The common message is that he missed so many opportunities to boost the share price. At this stage of his career, it is clear

[gisellekronk]

hello , luke555 , just wondering if it drives you crazy at annual vote time , when you see how little of their own money the directors and officers ,  have in stock , but they hold lots of differed options that were given to them , some have no direct stock holdings . i always vote against them , but they always win with over  90% of the vote . 

[Luke555]

Giselle Kronk, you are highlighting an important part of the management’s basic philosophy, and that is to focus on the financial strategy (Strong Balance Sheet). For years, their goal has been to maintain an excessive amount of cash that sits idle in the bank vaults- nearly 1B dollars! Will they be happy with 1.5B or 2B dollars sitting in the bank?  They missed so many opportunities to

[gisellekronk]

luke555 , you comment .. "and the shareholders are in unison and want him to do the right thing and resign and go and enjoy his retirement.... then at the annual meeting they should not be getting re elected , let alone with high 90% of the votes . it doesnt look like that many shareholders care . i always vote against any that do not have direct share holdings . the other thing that is not

[Luke555]

Gisellekronk, for years I endeavored to expose the charade going on at IMG. I pounded Lewin for his poor performance, till one day, he decided enough was enough and he resigned a YEAR AGO.  I never got any support at the annual meetings. Many shareholders like the idea of a strong balance sheet (financial strategy) because they feel safe and they fear bankruptcy or losing their investment

[toppgunn]

Unfortunately, there is no way to get rid of BOD or management in some companies unless facing bankruptcy or company is in real trouble.  Many companies some staff get paid 1 years annual salary if booted from the company as stated in their annual circulatory.  I recall being a shareholder of Yamana gold back in 2005ish to 2012 where the CEO Peter Marrone got something like a years

[gisellekronk]

" The bottom line is that they have no skin in the game (no risk).  These people are shameless and they don’t give a dam about the shareholders…"   yup ,yup yup , and as long as they keep getting voted in with 90 + % of the votes , their gravy train will continue 

[frances1]

If they just had $488M more in cash the market cap and cash would be the same....maybe that's the goal. Certainly not growth although Letwin is with a new company in BC and says they will unlock millions of ounces. Why did he not try that here?

[Luke555]

The sentiments of the shareholders are getting louder and louder it’s evident they want the President & CEO to do the right thing and resign. He’s been with the organization since 2007, and at this stage of his career, it is clear that he has no desire or fortitude to change the direction of the organization. Over the years, President & CEO has succeeded with his strategic financial

[gisellekronk]

"The sentiments of the shareholders are getting louder and louder it’s evident they want the President & CEO to do the right thing and resign " well at the annual meeting  they can make it happen by voting against , instead of re electing everyone with 90 + % totals . lets watch and see what happens . 

[Luke555]

I will definitely put my vote where my mouth is and vote him out! He's done a lot of damage to the IMG persona over the years.  We gave him many opportunities to unlock the great potential that IMG possesses but he choose to protect his inflated salary, bonuses and share allotments at the expense of the shareholders!   What a shameless man.  He's a personna ingrata!. He

[gisellekronk]

luke555 , i will also be voting against , and against any director that only has options , so no "skin" in the game . i hope i am not once again disappointed to see they all get elected with 90+ % of the vote .