RE: AGM18 Dec 2013 15:16
Hi servecool
Simple answer : YES.
I was at the AGM yesterday - it was a good meeting, conducted in a very professional and open manner.
The last year has been a very difficult one for SNRP, and the "new" BoD have been very surprised by what they inherited from the previous lot, particularly the issues at the mine in south Africa.
They acknowledge the issues, and have a realistic plan to move forward. The key is funding from either a new "strategic investor", or from south african government funding, or both.
They are VERY confident that these will happen, and have a realistic view on likely timescales.
The BoD came across very well, very professional, very committed to the company, very aware of the challenges, but keen to succeed. I also had a long chat with Gabriel Ruhan afterwards.
Following the meeting, I now have MUCH more confidence and respect for the BoD, who are doing a good job.
So, yes, LOTS of confidence in the management and the prospects for SNRP - but the key is the funding. When that is sorted, then IMVHO we could easily jump to a sensible asset-based value for the business, which is at least 3 or 4 times the current SP level.