Re: 6666
posted on
Aug 24, 2012 07:03PM
(Edit this Message from the "Fast Facts" Section)
Are you sure, Pic?
"Announced funding in the bank, completion and/or changes of either/both BOARDS, higher share price to .04-.05......those 3 would get him a reprieve."
Funding is essential, but at what cost? How much dilution? Since PQ's greed in stuffing his and his family's pockets with shares is largely responsible for the present bloated share count, as well as the lack of credibility and obscenely low share price, any financing at the present low share price will probably be extremely dilutive. I'm sure someone will say that the financing is needed, but the excessive dilution sure could have been avoided. It's inexcusable that they haven't drilled this summer, much less last summer, while PQ and family drew off millions.
As far as changing the boards, we have been hearing about that for a long time now. Frankly, the present composition of the board is just one more symptom of PQ wanting to line his family's pockets. Changing the board would help, certainly, but the damage done by not having had professionals with mining industry experience around is already done. The word had been for a long time that as soon as SFMI reached the point where mining expertise was critical to success that PQ would find someone to take over and step aside. I thought that happened with RS, but apparently not. PQ evidently placed control (and the ability to double and triple his family's salaries) above bringing in experienced, competent mining people. The present composition of the board also prevents SFMI from getting on to any major stock exchange, and is a major factor in the lack of credibility and the low sp.
.04-.05? Are you kidding me? I'm lucky enough to have a lower cost basis than most here, and I'm sure as hell not looking to just break even after all these years.
PQ needs to do a lot more than those few items to get a reprieve from me. He needs to bring in real mining professionals (and preferably to replace his family), he needs to get drilling started now, and he needs some spectacular drilling results real soon to even begin redeeming himself in my eyes. And firing his incompetent son and getting rid of the rest of the family and returning the bulk of the excessive salaries and bonuses (bonuses? you have to be kidding me) wouldn't hurt.