Ann: Havilah Board Succession Update, page-3

These are not the changes we were looking forward.  They are just moving the deck chairs on the Titanic!

The Board has had about six months to consider a replacement Chairman.  

To say "The Formal search process for a new Independent Non-Executive Director is well advanced and now drawing to a conclusion" is a joke!

Its like saying the PFS for Kalkaroo is well advanced.  It may be well advanced, but it is not finished and continually delayed.  The board has a track record of continued delay and I have lost trust that they will deliver.

Further, if you consider the fine print.  They are not looking for a new Chairman.  Just a new non-executive director.  That means Mark Stewart stays Chairman.   Not my preferred outcome.

They may be listening to shareholders, but we were disgruntled leading up to the last AGM.  They shuffled the positions around, but there were still the same people sitting at the front of the HAV bus. 

We gave them a chance.  They gave us a scorecard.  They have not performed well based on their own scorecard.  We are 12 months down the track.  Still waiting for a PFS on Kalkaroo.  Have sold North Portia but not received much yet and who knows when we will.  No JV partner to explore Jupiter.  They have given us lots of strategy, but no results.

The only hope we have at the moment is for iron ore - which was not part of their strategy.  Makes me wonder if Gupta approached HAV and not the other way around (would be a good question for anyone at tomorrow's AGM).

Bring on the EGM.