Re: diamondc
in response to
by
posted on
Jul 08, 2012 12:57PM
(Edit this Message from the "Fast Facts" Section)
PQ's shares are as worthless as ours. - Not exactly. He and his family just awarded themselves a very large amount of shares so their holdings in the company did not go down when the outstanding shares went up, like the rest of the shareholders. This is disturbing to investors who cannot just give themselves shares and look to management as the stewards of their investment. Put another way, even though each share PQ owns has the same price as ours he now has many many millions more of them so his stake in the company has not diminished like ours.
So how he is lining his pockets? - I have not seen a CEO make the kind of money he does when the company does not turn a profit.
SFMI is a fully reporting company - All this means is that when company insiders award themselves shares they have to tell you in a formal document.
On what grounds should they fire CQ? Inexperience? - How about incompetence? The performance of that mill is abysmal. I think it's ridiculous to run ore through a mill, at great cost and loss, when it's only recovering 20%. That was a big waste. There's an old saying, "the definition of stupidity is doing the same thing over and over and expecting different results" Two years of pushing ore through a mill with a 20% recovery rate, in my mind, qualifies as incompetent. Any skilled mill manager would have put a stop to that nonsense long ago, identified the solution, stopped wasting money on a losing cause, and laid out the plan to become profitable.The money they wasted in this exercise could have been used to drill the mountain long ago, which could have let to a much higher share price and the elimination of the need to dilute the company's shares.
I still like to see DQ resign from the BOD..but who would replace her and at what cost? - It looks to me like the cost of keeping her on the BOD is more than the cost of eliminating the position altogether.
The historical grades on WEM look good but the management I see right now does not inspire me.
I look forward to the shareholders meeting.