When CGNR & KDR sprang to mind earlier I hadn't checked in to see what had happened to them, I sold out £2k CGNR in mid 2015 at about 0.38p on the back of the constant raises, continued drilling and nothing ever moving....they're now up at about 33p with a proposed JV with AAZ.........so despite the woes, SML are sitting on at least one asset that according to recent discussion could significantly increase the resource through further exploration.........'i'm not writing this off.
I'm still a bit perplexed with regard to who CVI were acting on behalf? Is it normal in this case to sell to an intermediary, especially to one who's main business is investing? I seem to remember JP saying it was a pay and collect scenario, but the case notes talk about delivery addresses, storage address etc. Who will crack this? I'd be interested to know who the buyer was and what Brendas relationship was with them.
I feel i'v probably done enough BOD bashing for someone that wants this to work, with a holding of 7m with an average of 1.5 (i started with 20k invested at .39p in 2016, sat on 70k proffit at one point). I think it was eitherin the report today or the sound cloud interview that it was stated that the LCC leach pads wern't up to much. Rather than going for a full JV, why not open up a limited pit, replenish the pads and generate some cash (maybe use the bonuses to show how you really care about the shareholders to fund or part fund this), all subject the operational consents etc. Start slowly and work up to something bigger?
I think the bonus should have been put into a contingency "pot" against a number of risks they've highlighted and have since materialised. Instead the shareholders are the contingency, to be raided with a raise when required. I'm holding 7,000,000 shares in this company and I don't see appropriate risk management being implemented, i'd personally develope a robust risk register with adequate funds allocated against each risk and maintain the contingency going forward.
With google at the BODs fingertips, there's no excuse for ignorance, that's a free due diligence tool. There's an element of catching more flies with honey than vinegar, but who spends 6 months chasing payment?