took the time to write this response in a personal message so I figured I would chime in/post my two cents (probably what it's worth):
Picked up another 30,000 shares yesterday at $0.13(couldn't resist) to make an even xxxx shares.
Haven't read the Granger proxy as yet, but I am slanted towards the new board. My only concern was/is that any expenses associated with a proxy fight and paying of severance packages would effectively deplete FNC financially to a point where we might be forced to return to the capital markets seeking funds at an even lower SP , thus diluting FNC even more, and thus effectively limiting/muting any anticipated SP appreciation that any new slate of directors would induce.
On the other hand, one might believe that this proxy battle would be the knock on the head that finally wakes Smith up....but from what I've read from other posters, he is extremely stubborn and resistant to change (I've never interacted with the man himself, so I cannot corroborate this). In my opinion he definitely has to go (or be relegated to VP Exploration as some have suggested). Yes, the company has made progress as of late, but it appears that it has been Granger who has done the heavy lifting. That said, I think that any slate of directors would be an improvement from the current.
My overriding concern remains options being issued, not having been earned. There should be a moratorium of say 4-6 months before a new slate can be issued options. Then my choice would be a no-brainer for Granger. Any new slate should have the foresight to recognize that current shareholders will be suspicious of their intentions not being aligned with those of current longterm holders, especially given the fact that many of us have seen the fiasco that has been Noront, since it's board was changed. No TSX listing after how many years? (TSX will be changing rules as of Jan 2013, allowing for individual directors being replaced)...
Longterm I believe there exists/remains only upside SP appreciation, but I am preparing my entrails for a rocky ride over the next several months....
Cheers, Luker
