Post by
SGCGRIMREAPER on Nov 13, 2018 4:23pm
Read it and weep?
I had told Peter Grandich I wouldn’t be posting here anymore and since I sold out over 10% higher, I haven’t felt any need to violate my word. However, his very private email this afternoon (that even I didn’t receive but have a mutual friend who did) needs to be known even if he does cut me off all further communications with me.
I’m just copying what pertained to Teranga:
“There’s an old say about fool me once shame on you, fool me twice shame on me.” It describes how I now feel about Richard Young, CEO of Teranga Gold.
I left working for metals and mining companies almost 5 years ago because of the serious ineptness (or worse) I found among far-too-many people of important responsibilities within the companies I worked for. I had issues with Young a couple of years ago but felt they were behind us. I’m sorry to say they are back again.
I can’t go into details and I don’t believe they impact the very good projects the companies have, but they are serious enough for me to choose not to speak to him again. He has IMHO, created a concern (related to insider buying) that didn’t need to happen and its overshadowing corporate developments, of which all seem to be doing as best as one could hope for.
I have read the comments on Stockhouse and while I don’t feel it’s my responsibility to respond to anything that’s said in Cyberspace, I can appreciate the concerns being expressed of late over Young and Insider buying concerns. He clearly made statements that one should expect results that have not occurred, and based on my discussions with their IR department the last 24 hours, may not occur at all, or, not in the time frame one could have expected based on Young’s statements in his last two conference calls.
I want to make two points very clear:
1 – I don’t think this boner of his – again, has any long-term negative implications. However, I would be concern if Mimran doesn’t return any time in the next few weeks to start reaching for his supposed quest to reach 29.9% (something Young has stressed was the case).
2 – Trish Moran, IR of Teranga, has always acted professionally with me and I will continue any dialogue with the company with her.
Sorry, as the last thing I ever wanted to have to do again, is to have to answer to an unnecessary poor decision by a senior manager of a metals company, especially one I don’t work for and who I own more shares than just about everyone except one major insider.
Comment by
ruffus23 on Nov 13, 2018 7:25pm
how come no insiders bought when the stock was at $2.50 last year? This was an easy double at that time. that said, all the west african miners have been hammered in the last while.