VAN 3.85% 7.5¢ vango mining limited

Ann: Quarterly Activities Report, page-5

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  1. 14 Posts.
    Well, I have said this before and I am confident it is true - no-one would be prepared to JV or align themselves in any way to Vango whilst Frank Zhu is at the helm and furthemore, whilst he is drawing circa $410k per annum.
    You might ask me why Dampier did - I do not know, however it is clear its shareholders have never been saitsifed with the deal (one that sees Damiper lose its major asset for no tangible benefit to the shareholders).
    I am in no doubt other companies have approached Vango, however we should rightly assume many of those deals have been and gone because Zhu is the first point of contact and as the CEO/MD with an interest in protecting his salary level, he has probably not communicated them to the Board. In that regard, Zhu has a conflict of interest and I am yet to be convinced he has (in the past few years) acted in the best interest of the company; indeed if that was so Zhu would have cut his salary by 50% or resigned as he is fundamentally responsible for the dire position Vango finds itself in.
    Moreover, I am in no doubt the market would regain a little confidence in the company without Zhu. A 'Plan B' is required and that will not be possible whilst the company is being incompetently led by the CEO.
 
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