Ann: Annual Report 2017, page-9

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brinvestor

60 Posts.

29/09/17

18:56

Post #: 27560946
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Originally posted by prawn_man ↑

I've liked everything about this company until this announcement. Why do directors (just like politicians) get so full of themselves that they think no one is watching what they do? (It's like calling an early election - a smell of trickery is afoot.) Now, as a result of their proposed gift to themselves, I am questioning their wisdom. For instance, is the move into South Korea just a con? Are we to believe that the Koreans were so incompetent that they couldn't see the gold dripping from the walls? OK the gold price in the old days was cheaper, but I think the average Korean's wage was a bowl of rice with a pickle. From my understanding about the Australian gold fields during the gold rush, the Chinese were far more thorough at extracting the gold, and I don't think the Koreans would be much different. Also I'm wondering, was the payment of the dividend just a sweetner by the directors so that when they made their raid on the company, we would look the other way. Also, it seems like the director's plan for the next period will be to warm seats, enjoy the good life and sketch a plan for mining beneath Cannon. They have left the work in South Korea to the Brits, as far as I can see, and not much else is happening at the Oz tenaments. I'll vote no (hopefully the directors can't vote).

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Yes, I am a bit disappointed, too. But overall the company is very good. BMV is doing its job in SK, and SAU has plenty going on in its tenements in Australia, not only Cannon underground. Nothing has changed regarding current works. It is just that management wants a bigger share of the company and is trying a quick way to get it. Hopefully, enough shareholders will say no, or even if we are defeated, send a clear signal that we are watching and paying attention.

SAU Price at posting: 29.5¢ Sentiment: Buy Disclosure: Held
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Ann: Annual Report 2017, page-9

Top Stories

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MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

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Dale Gillham's weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse