re: Ann: Notice of Annual General Meeting/Pro...
The biographys at the end of the announcement are interesting - I almost missed reading them because I didn't realise the announcement was longer then 2 pages.
Carson is an experienced geologist, which is quite a positive addition to the company. DMA need's geology experience because it is a junior which is trying to prove up it's resource.
So given the nominations, I can definitely see a valid reason for re-appointing Carson as a director. What I don't like is that he has never personally bought any DMA shares, nor has he converted any of his company issued options. As far as I can tell from last year's Annual Report - Carson has no money in DMA. Given he is also a director of other companies, his time will no longer be focussed 100% on DMA and that could become a problem. I would hope that his previous salary is reduced to the percentage of time that he plans to spend on DMA given his other current obligations.
Personally I like it when a director has money in a company because that is the single biggest motivator for getting the share price to appreciate in value. I am in this company for share price appreciation, nothing else.
On this note, I think it would have been good to declare if any of the nominations hold a current interest in DMA. Ie, what is their motivating factor for nominating themselves as a director?
As for the remaining candidates, I personally don't see any reason to vote for them as they do not bring much, if any mining or geology experience to the board. I don't think a junior such as DMA need's a range of lawyers on the board. If they want good legal advice, they should just pay for it when it is required.
DMA doesn't have a lot of money in the bank and the last thing it needs is a top heavy management structure sucking the life out of it. Until we get ourselves with a solid grounding in the way of a proven JORC resource esitmation, we need people who have mining and or geology experience who can provide it.
In 12-24 months time I could see reason to bring on people who have other financial connections or corporate governance experience, because at that point we should be able to pay their salarys.
On that topic, we are still waiting on these beneficiation results, surely they cannot be far away from being released to the market.
DMA Price at posting:
16.0¢ Sentiment: None Disclosure: Held
