Sent another email to Mr Ponzi9 Aug 2024 08:20
Mr Poulden,
I emailed you on 11 Jul 24 with concerns as to the running of the company (Wishbone).
To date I have not received a response, (not even an acknowledgement).
I am part of a "chat board" with over 50 seriously disgruntled Wishbone investors, and would appreciate you addressing the concerns laid out in my previous email.
In the event that you've just deleted it, I have copied it below:
Mr Poulden,
Can you please explain exactly what is happening at Wishbone Gold, if anything?
There's been absolutely zero communication with shareholders regarding the current situation. Is ANYTHING happening at Red Setter? Your RNS of December 2023 said that drilling would re-commence "early next year". Easly next year was SEVEN months ago.....
If RS is so good, why aren't you focused on developing it? Why are you buying more and more ground? What exactly is your strategy? Do you even have one? I see neither strategy nor focus in what you are doing. This is having a severely detrimental effect on shareholders. I am currently down over 80% on my investment, I know others who are down over 98%!!
I also note that you continually fundraise to drill or buy more and more land, further diluting shareholders. Why? What is your rationale for this approach?
The cash position of Wishbone is precarious, to say the least. I note you have funds for, at best, 6 months. Does that mean we can expect yet more fundraising, and yet more dilution of shareholders? Not satisfactory at all.
I also note you & your Board, in addition to salaries, are taking considerable "consultancy fees" from Company funds. Why? As the CEO are you not paid to provide these services as part of your remit? Considering the weak funding position, I would consider it prudent that these "fees" be cancelled immediately. We, as a company, and with a very weak cash position, just cannot afford them. I would go further and say that the entire management/Board members should be remitted in shares only, thus aligning YOUR interests with OUR interests.
I have been a shareholder here for several years and, frankly, have never seen such a badly managed/focused Company in a long time.
I would like to see an RNS outlining the current financial situation, current drilling plans, future focus, together with priority targets for drilling/development. This continual scrabbling about just isn't good enough.
I am going to post this email on our WSBN discussion board for other shareholders to see. I shall also post any response to care to provide, unless you release a detailed RNS in the interim.
I await your response to my considerable concerns regarding the current state of our Company.
Mr Poulden, I have informed our shareholder group that, to date, I have not received a response to my original email & that I've now sent a prompt to get some answers. As CEO of Wishbone Gold, I would expect you, or a nominated deputy, to engage positively with other owners in a tim