- Thomas (RCF) controls 21.4% of NOT, i.e. some 57M shares;
- Xu (Baosteel) controls 9.2% of NOT, i.e. some 25M shares.
Hence, there would be no need for them to have any additional shares to show their commitment. They have enough power and interest in NOT. Together, they control about 1/3 of the company. Baosteel had an option to increase the stake to ~20% but chose not to. Presumably, they can increase the stake anytime if they feel like it. NOT's market cap of ~84M is not a huge sum for a Chinese deep pocket. Just a reminder that NOT has a debt (RCF and Franco Nevada) of US$42M (some Cdn $54M).
- Coutts's earning of over $0.5M last year is a tad rich for running a junior mining company. Perhaps, it's time to tie earning to performance, some basic salary (say ~$250k) + bonus for good performance, and negative (-) bonus for non-performance, as per a contract letter which is set by the BoD every year.
-Yes, we all should vote to exercise our rights.
GH
