AGM - my take
posted on
Nov 19, 2011 10:44AM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
Just got back from Vancouver and I have't had an opportunity to view the postings already on the board so what I have to say may already have been duplicated.
First of all, it was a pleasure to meet Kemo, Bow, Rinky, Real888 and to see Don1 again. The SLI family of shareholders is definintely a tight group - in more ways than one. Hope to see you again in Toronto at the PDAC in March.
With respect to the actual meeting - it was a non event.
With respect to the information session, following the meeting, it was a major disappointment to me. It went on for about 2 1/2 hours of what I felt was Lori dodging question after question. My question was about regular updates on a monthly basis - that was never answered, even though I reminded Lori several times that she has not answere my question.
When asked for an update on how far along we were on the drilling, it took several shareholders to wring it out of her that we were abount half way done, by asking a number of different ways what was already accomplished. Also, on the trenching, we never did get a straight answer on whether we were done, or almost done. Overall, my read on the situation is that we only have one shallow rig working on the property, and we now have one deep rig on location but it has not started drilling yet. The question on when we would be drilling the ovoid was skirted by the respose that we are following Quantec's recommendations as to our order of drilling.
While I did't find Lori quite condescending, I felt that she was definitely evasive and very defensive of her actions to date. She kept making reference to the price of gold being so high that it has resulted in a shortage of equipment, and also, that if she gave us any new info, we would be in the same position as Martha Stewart and that we could be going to jail if we traded on insider info. I felt that these comments were kind of a cop-out and not really worthy of a CEO.
It definitely was not a love-in and once all of the barbs were finished, there was no time to present anything new. We just went over the same images that we have already seen. I'm sure that the B&B's that have been convened in the past had more info presented.
Having said all the above, I still believe that the "proof in the pudding" is what is in the ground, and it will not go away. From what was discussed, I think that we won't be receiving any worthwhile news till maybe Jan or Feb. So patience definitely will have to be exercised. But with all the DD that has been done by the hub leaders that is available to be viewed, the waiting will be worthwhile.
Sorry if I rambled on too much, and if someone out there has a different wiew of what took place I would certainly like to hear their take.
By the way, Murray and his wife are absolutely marvellous people.
Ismore