Sorry I am a broken record on this. Why does the board not get it? Cut Frank's salary in half as this will save $200k per annum, or cut him loose if he is not prepared to take one for the company that he is financially screwing into the ground because of his exorbitant salary package.
Check out the annual reports of a few other listed gold companies and you will be convinced Frank's remuneration is offensive. $200k over 5 years is $1M that could have been spent on working up assets, instead it was paid to Frank. That amount also equates to 500M shares at $0.002 (or 18.5% of current shares on issue) issued just to pay Frank the extra cash, which subsequently further diluted our holdings. I firmly believe Ord can achieve more under the right leadership, without Frank.
Correct me if I am wrong, but we are expected to vote on a name change in the absence of communications from Frank as to the long term benefit? Again this demonstrates his commercial ineptitude.
Frank aside, K2 is the right size for Ord's inexperienced board and also for the size of this micro cap company, plus they have landed on their feet with NST as a friendly neighbour. They will however need more cash to get the ore flowing through NST's mill and one would assume the equity raising via existing or new shareholders is beyond their reach now. I think the last raising was the final gasp of air. Debt funding or a hybrid which incorporates gold offtake with say, NST might be the only options available.
I would like to see Ord succeed with K2 as this will bring some confidence back to the brand. My longer term concern, however, is Trident. The numbers look good but surely this project will require tens of millions more and this likely is a bridge too far. A comment from the board (not Frank, because he is very good at polishing a t**d) in this regard will be useful. Buying in at $0.29 after listening to the silver tongued Towner and enduring Frank's dribble at $0.002 is demoralising.
Clean out K2 and put the balance of the remaining assets on the market then look for another small to mid sized project(?)
Or maybe put Ord on the market(?)
I am hoping to attend the AGM for the first time and God help me if Frank prattles on about his vision for the future. I do however, want to hear the numbers for K2 explained and understand how Trident will be funded, as they might just pull K2 off!
VAN Price at posting:
0.2¢ Sentiment: Hold Disclosure: Held
