You have been an excellent counterpoint nan. Keep it up!
Your mention of Miles Kennedy brings mixed feelings to me. He has some negative points that's for sue, but don't we all - some less than others though.
The rot started when the company took out the loan of $15m with Taurus, although at the time it looked pretty good so far as that was concerned as gold was riding high. The loan was to do prep work for gold mining at Fortnum. But the sudden unexpected drop in the price of gold put 'paid' to that quite quickly. The company ceased doing the prep work, but was caught with this loan, which became debilitating, almost causing its liquidation. Peter Cook and Peter Newton came to the rescue though, not because of kindness, but because they could see a bargain. Was that MK"s fault? Was it anyone's fault!!
Anyway, one of MK's good points was that he trusted the geos. He had his task, and they had theirs. He left them alone. He had a good team too!
One of that team, Richard Pugh, continued with AUR after MK left. But he has gone now of course, in mysterious circumstances to many. However, I believe that he left because he couldn't handle the persistent interference and apparent lack of faith in his work by management. My info is that 2 of MF's geos (nothing to do with AUR) oversaw him. Then we had Susan V having her say as well, with her geo husband probably having something to say as well.
It was shameful behaviour imo.
Who let this happen? Who perpetrated it? I think that the finger can be pointed directly at Bronwyn Barnes, our erstwhile Chairman. It was her close personal relationship with MF that compromised her position; or at least that it was the grapevine says.
I don't know what the new bloke is like, but it would not surprise that with a new crew in charge he might go as well. And then there is the CEO, Wade Evans. What happens to him?
AUR Price at posting:
6.4¢ Sentiment: Buy Disclosure: Held
