re: Ann: Resignation of Company Secretaries a...
Unfortunately this announcement just reinforces my primary concern with ROS.
Which I summarise below:
The company/Senior Management are going to use existing shareholders equity to leverage themselves onto a number of other projects that will be spun off (allowing them to earn additional director fees).
Existing shareholders will be diluted and used as a vehicle to achieve this goal. (i.e. Existing shareholders pay 100% of the costs, but will receive a fraction of the benefits).
That said my previous comment about JORC estimates still stands and if the assets they have are truely "World Class" then there may be upside for existing shareholders. (Although my expectation of this has diminished after this announcement).
Why might you add?
Well company secretaries and CFO's do not leave newly listed companies that are on the verge of achieving something that is in the "World Class category".
Reviewing a number of resource exploration and production companies highlights a common theme. Strong management is needed to ensure success and based on this announcement the ROS management structure is anything but "strong".
ROS Price at posting:
35.0¢ Sentiment: None Disclosure: Not Held
