Way Out, page-25

Wouldn't know him from a bar of soap. Just think after 6 years of destroying shareholders wealth it's time for a change and I firmly believe that in minnow explorers the MD should be an experienced explorer who knows how to evaluate and work the ground.

I hold the same opinion for most explorers. I would list them but that would be close to the current 400+ listed companies and the thousands that are now a faint memory.

Just updating my fact sheets for all the quarterlies that have just come out but I do know that over 85% of resource companies are currently trading below the original IPO price and most will never achieve a profit for original shareholders. As a minnow you don't have lots of cash to play with and when your SP is below 1cent (90% less than an IPO at 20cents) with billions of shares on issue you are bottom feeding for scraps. You just can't buy quality projects! Thus the company is more about what the management can do with what they have. Look at NST for example the market backed the man not the projects it held at the time. Will the market back SM after 6 years of -----! As stated it is a very tough gig.

SEG is just one of many that have been "tyre kicking" for years. He has "had his go", now use the consolidation as a chance to reset.

As someone who worked in and analysised the industry for 50years it really is tough to invest in.