This just about sums up the incompetency of the Board of Directors and, the West Perth managent leach.
With a combined expenditure over the past two years of $1.56million under "administration" and just $8,200 on exploration, the BoD have in their infinite wisdom called for the allocation of 60,000,000 options @ $0.0001 (to raise $6,000) to RM Research, to offset work that should already be done by West Perth, that is, to compile research reports, promote to the media, talk to financial analysts, fix up the feed to their website and get this, assist with mail outs to clients.
Exercise price is $0.004 in September 2013; the market is currently $0.004 -.005. Not much work to be done there to be in the money is there? By default it could almost fall there.
The directors draw $110K a year for what? To spend $8,200 on exploration in an exploration company. Seems to me like RM Research will not have much work to do with no mining activities to report on.
And as for the huge Management fees that West Perth draw against the company, this is now a seriously questionable set of Corporate Governance protocols being adopted by people who should know better than to sign off on this rubbish.
As I said before, in the absence of a market to sell to, I am relectantly obliged to recommend "hold"
MAN Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
