Hello Cappysmart.

Those very same two million shares were sitting there all day yesterday, on a silver platter. The very same sharp and intelligent and fully capable minds who designed the plan (which had a July 9th deadline) forgot to do anything.

Or is there, possibly, a better explanation for their failure to follow-up? Possibly, the person put in charge of getting it done had a hairdresser appointment that took longer than expected? Or the dog chewed up and swallowed the calendar?

Obviously, somebody—in consultation with others—carefully considered the benefits and the logic behind the intended actions. As well, the group, admirably, went to the trouble of taking excellent care of the legal and technical details in advance of publicizing exactly what the unconditional actions would be.

On the one hand, it’s a relief to know—at long last—management has become aware of the fact it is hurtful for our market valuation to remain (for years on end) disconnected from the reality our tangible assets. On the other hand—so far as having a well-thought-out and consistent and businesslike plan to do something about it—nothing has changed.

On the one hand, management has had the genius to acquire a hefty world-class portfolio of tangible assets (more typical of an investment in a fund of companies than typical of an investment in one lonely company). Even better, that managerial genius is also evident in the structure of the future income stream we will annually collect (through having others doing most of the work developing our mineral assets at no cost to ourselves).

On the other hand, developing and obtaining a fair valuation for all we have and for all we’ve done (that is, a rational trading range for our stock) doesn’t require anywhere near the genius it took putting the pieces together in the first place. But, when it comes to exhibiting any concern about maximizing shareholder returns—even worse, exhibiting any concern about the bizarre downward trend of our shares—our wounds are left to fester.