where is the technical expertise?, page-10

Flyboy77,

Let's assume that a chairman's letter ought to present whatever positive information is available. Then let's consider what HASN'T been said concerning Mr Trevor Neale and the team, as follows:

1. The status of Mr Neale's involvement with WWI isn't defined in the letter. If he's an employee or office bearer, no one is saying so, much less stating his title. He and the team are said to have come with the acquisition, but no terms or obligations are mentioned.

2. If Mr. Neale has any formal qualifications, they apparently aren't considered to be a selling point to investors. Likewise, the team he leads is merely described as "strong", which could as easily be referring to their muscular development as anything else.

3. We are told that Mr Neale has managed a licensing application process for mining and exploration. But what about mining and exploration activities that are undertaken subsequent to licensing, such as the activities that WWI is about to attempt? Has he any glowing record of experience and achievements in those? If so, why weren't they mentioned as well?

4. Could Mr Neale and the team be being used as an excuse for WWI to avoid or postpone the task of recruiting and integrating mining engineers and geologists, given that this might disturb a law-oriented company culture?

5. Unless WWI seems very likely to become the target of corporate action prior to any mining development, an inadequately-addressed deficiency in key mining and geological skills seems more than sufficient reason for me to delay or abort the purchasing of any shares.

Far from reassuring me, the information (or lack of it) about Mr Neale and his team makes me even more inclined to err on the side of caution, although I acknowledge that further announcements could show my concerns to be completely unfounded.

Grav