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Hi James
Fair enough.
Maybe it was unfair of me to second guess his motivation as ego driven, but I think he is definitely letting shareholders take more risk than we need to.
Hi Andrew
My point was more that just because CB isn’t doing what we would have done, doesn’t mean it’s just for his egos sake more that his method of building shareholder value is different and possibly influenced by his past successes (but yes more risky).
Cheers
James
Anyways
Anyways the simple truth is the deal
HI James
But your point that ‘it certainly should have been further developed before expanding the portfolio’…….. is critical. It wasn’t, so he has given extra unnecessary risk to shareholders. Once manica was producing an income, he could then have indulge himself and seen if he could have increased the reward for shareholders by building-up the portfolio.
Let thing idly go on it your own fault
BTTS
It’s not the fact there is or is not anything more he could do at manica, it’s the fact that he has taken unnecessary risk - or rather shareholders have (imho) . That said, I think there is a bit more to do at manica. CE said it well a couple of days ago so I’ll just cut and paste his point…...
‘.. many of us believe that it is an unnecessary distraction at the moment when we are on the cusp of receiving significant income from the hard rock at Manica and that CB should be expending all his energy on getting the ball over the line. If all the plays had already been put into motion to secure the hard rock income and nothing else could be done to expedite it then there would be no problem, but there are still contracts to be negotiated for a fair chunk of the hard rock license areas and therein lies the source of the doubt felt by many……….
It's our asset ..we knows we're low on cash,none of us would want a further issuing of shares to prop up the company before Manica hard rock delivers, if someone was building you a house I'm sure you would be pushing all the way not just idly standing by..then your house costs spiral ,due to the delays start moaning ,if you let things didn't it your own fault
Hi Andrew
I think you are perhaps being a little unfair on CB, we both believe that Manica alone could have restored value (at least to a level we were happy with) and certainly should have been further developed before expanding the portfolio.
However looking at CB history he has had success with flipping assets, over 200 times return in under 2 years in one (I forget the name of the asset). So I can understand why he is drawn to these assets in search of shareholder returns (plus obviously his own returns!)
Cheers
James
You keep inferring CB should be concentrating more on manica. Xtract is not the operator there as you well know. What exactly is it you want him to do at manica?
I know CB keeps talking about returning shareholder value, but I think he had the pathway to do that just from manica. I suspect his real motivation has more to do with ego then shareholders interests.
He is very wealthy already, so I’m sure he doesn’t need to keep working, therefore I think he sees all this exploration and acquition as more of a retirement project. If it all goes wrong the financial loss will not be an issue to him, so he is prepared to take more risk to further his real aim – being successful at building up small mining companies to bigger ones and increasing his portfolio.
Of course if he is successful then shareholders will do very well, but it appears he is happy to let shareholders take more risk then they need to so he can further his own interests.