I personally don't know Mr Ren, but it looks like he:
1. Knows how to run mining opearations
2. Knows the Chinese market very well
3. Has inherent interest in the success of the company
4. Sharp and intelligent business man
I considered taking up on the rights, but figured management won't be able to raise the required funds and there is a slim chance anyone will underwrite the offer.
When I called the company secretary I asked if management considered canning the rights issue and SPP, he replied rudely and was very short to me on the phone.
I think SH has long lost interest in the Board. It all started with the appointment of Directors with no experience earlier this year (already resigned) and continues with the recent turnover.
I am guessing Rodney & co know their time on the board is limited and they are trying to maximise their earning before their departure.
From memory Rodney is on about $360k per annum, they will keep milk the company until it runs out of cash or they are sacked in the EGM.
I think the Board should resign and allow Mr Ren to run the company - even if he tried he can't make it worse.
SHD Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
