Good luck Nils. Mutsk might have a good asset one day, but it will not beloing to ORE. They have a very poor perfroming managment team. no plan, and irratic decision making. there is high risk, high reward options out there, this is not one of them. There is no income happening here for at least 3 or 4 years.
They have no form of income and for the last two and a half years haven done very little in terms of activities. If you look at the yearly and half yearly report you can see at least half of the cash goes to pay management wages. They pay themselves like a high performing cash generating business and looking at the last company report they are paying themselves share bonus's more than agreed or communicated. During the same period, communication has been extremely poor, plans and commitment has been nil, but just look how much they have diluted the shares by in the same 2.5 year period. They have been withholding key information and have been forced to send out additional communications. Horrendous company, poor performance from the board and the FCA must be looking to step in soon.
You can either attend or fill in the form on the website and vote by proxy. If you don't vote then you vote will not counted as allowing management to act under your behalf. The reason for the sudden drilling programme is to pull the wool over investor eyes, to make a show of urgency and demonstrate they can actually do something when required. However give them the opportunity to keep diluting with out reason "which is what they are asking for" and they are going to destroy and current investors holding with cause or expectation.
Yes, a difficult position indeed. I feel Bannor summed it up well too, in reference to the recent RNS, regarding the requirement of our approval to allow Bird and Co to issue yet more shares for general purposes. It's the general purposes part that irks most of us I feel. Had the RNS referred to the additional shares being required for a specific purpose, party or reason, one which would also have to be value-enhancing going forward, then that perhaps would have been acceptable. Short-term misery for longer term benefits.
However, this hasn't occurred, so we would, in effect, be continuing to allow Bird and Ed the freedom to do as they please, without a specific plan, no JV mentioned, short-term misery for us, but also potentially longer-term misery to boot. As they haven't outlined what the shares would be for, why they are required, in view of performance to date, and the irresponsible action of the last placing, it is difficult to trust that they will not abuse the additional power at their disposal, should their request be granted.
There is no shareholder value left here in truth, and I'm talking for existing investors of many years, even though Mutsk itself may not be at all bad in itself. The management of ORE is the acute problem, and has been all along.
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