From a Sandfire perspective, this is fantastic, I feel sorry for the SRI holders. Looking at the AGM presentation, everything was about Uganda and fantastic prospects, but nothing stood out.
On p3 of the presentation, is this....
"Directors & Management 1.0%"
....in regard to company ownership. 1% is pitiful. The best result for board and management is to grab a potential $11m (sell 2m SFR shares) and $2m cash, and continue on poking around in Africa for a while.
What is the board and management remuneration like? I'll bet looking longer term with $11m to play with.
Of course with only 1% between the lot of them, they should be easy to defeat when it comes to voting next year.
I'll bet SFR management couldn't believe their luck with this. Ivé been looking for an entry point into SFR, thanks SRI for stuffing up cheapness.
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