Letter to Wishbone CEO11 Jul 2024 12:50
All,
I've had enough. I've emailed Richard Poulden regarding the current situation. A copy of my email is below for all to see. I will post any response received.
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, it 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.
Kind Regards