My 2c on that letter... Most of the cap ex in 2016 was on Winston and Tanz projects. Can't blame directors for what the Tanz govt did. Without that unfortunate event Tanga may well have developed the asset by now. It's misleading for the letter's authors to ignore this.
As for the split between Ian Stuart and the other directors, I note Ian was appointed as part of the Joumbira deal. That project being his pet and he wants it pursued. Understandable.
Guess all we know is:
ALL directors want Tanga to succeed.
3 have a different priority to the 1 with a personal project interest.
Perhaps 3 heads are better than one?
letter from shareholders, page-6
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