Member Info for steward1

I was feeling pretty good on Friday morning that Smiley had made really good progress in getting support.

Pretty disappointed that some on here sought to bully him in to silence - I'm hoping that Smiley comes back. We were getting somewhere.

I guess that GR benefits from having this board disrupted through personal attacks and I am very suspicious that he has some cronies on here who are doing his bidding.

Mal - I don't know if your in Napom's group or not but, if you are, why do you need to be in a group to wait for those things to happen?

I'm a bit stumped to understand where Napom and his group are coming from. Don't most folk want to see a turnaround at Prem and see the sp increase - I don't get why some think that everyone else has an ulterior motive? Certainly, they don't seem to be doing anything to persuade people to join them - I'd be happy to consider joining them if they laid out what they have done/intend to do but it all seems a bit too secretive, though!

They might have done this recently, I don't know, but maybe Napom can let us know how many people are in his group and what their total holding is?

Spot on, Moljen.

And regards the AGM, there's certainly merit in exploring what can be done.

I'm happy to support it.

Hi Smiley - email is fine except I wouldn't include point 3 without a whole load more explanation/detail. I'd leave that for another day when we know what the new board structure is going to be.

Yesterday's RNS was maybe an attempt to appease folk but I want more concrete info than things will happen one day. If GR can't do his job then he has to go. Let's see if he responds to this email within a week and then move to more serious action.

MTL- it is an interesting observation. I'd have expected GR and the rest of the BoD to be adding at these levels, over and above what they're taking in pay. I wonder if they will hold or sell!

Two things Eddie (and this is the last time I respond to you on this) -

1) You're not picking up on the clues - you should stop the personal attacks. It puts you in a poorer light than the one that you're attacking... give it up mate! Move on! Draw a line under it! Take up a hobby and calm down, dear!
2) Those making allegations of conspiracy look sillier than the person they're making the allegations against. Just accept that everyone, myself included, have an "agenda". I'm completely open about what I want to see.

NB Just in case it's not sinking in, I'm not setting you up so that you can respond and have another go at Smiley or me or anyone else... comment constructively or don't post at all!

Eddie - I'm really, really, really not interested in point scoring but I am interested in GR stepping aside and getting some assets sold.

Smiley - I would ask GR 2 basic things.

1. Will he commit to sell some assets to progress Zulu and avoid further dilution?

2. What are his plans to pass the baton on, including timescales?

Yesterday afternoon's RNS omitted any mention of 2. above and any timescale associated with anything. I can't believe that the Zim gov't (with regards to RHA) or the Circum board have not given some sense of timescales.

eddie - I normally bypass your posts because they're usually full of attacks on our resident cheerleader and, as a result, I don't know where you stand on what the solution is here.

I happen to think that yesterday's second RNS, in particular, was because of pressure that GR is feeling - hopefully, it's a combination of what Smiley/MTL AND Napom and company have been doing (really not interested in anyone claiming all the glory for that). GR didn't get a good response to the 1st RNS (I think he was hoping for one) and the second RNS, for me, was oddly timed! But then, he knew he was going to dilute again this morning so, perhaps, he thought he might've got a small boost to the sp.

Anyway, I think we need to keep up the pressure on GR.. in whichever way that is done BUT he needs to start selling some non-core assets.

I think there were some positive points from yesterday's and today's RNS - interest in Wolframite, talks with the previous Zulu contractor, salary dilution wasn't as high as I was expecting - but they're all getting lost in the petty arguments!

Not so sure about that, buzz, but I completely understand... I had a good think yesterday about whether to start divesting but I decided to hold and I added (Warren Buffet's got a lot to answer for!!)

There is nothing to force us to go under - we have no debt - and, if it were to come to liquidating everything, I reckon that we'd still be quids in. The current sp does not reflect the value the assets but it does reflect GR's leadership and decision making.

For me, and it always has been, the issue here is GR - his inability to progress things to a reasonable state... whether that is getting production going at RHA or getting Zulu to DFS. He simply cannot negotiate a deal that will stand for any length of time.

The assets themselves appear to be good so I'm happy to hold and add at these levels.

Why do you say that, Smiley?

We don't know what the Zim gov't thinks of GR! They might think that he's a complete numpty... after all, they took well over a year to engage with him seriously on RHA!

I should add (before I rant too much) that this isn't necessarily bad news. Perhaps, there's a better deal to be had.

And with the sp getting close to recent lows again, I'd say it is a buying opportunity! AIMHO, of course - do your own research!

Another failed deal by GR! There is a long list now - apart from getting RHA cash from the gov't (which hasn't yet arrived!), he has failed to get any deal to progress Zulu.

He needs to step aside. I would support an EGM!

Give both GR (regarding the plan for Zulu) and the Zim govt (cash for RHA) until the middle of June!

Smiley - I'm 100% certain that GR will be following this board so it seems a bit odd that we're debating whether a softly, softly approach is appropriate. The cat's already out the bag - GR will be fully aware that there are a lot of folk on here who think he needs to go and to go soon, and if you've been here long enough, you've probably held that view for a long time. The fact that he indicated a long time ago that he was stepping aside but hasn't yet done so suggests to me that he either doesn't intend to anytime soon or that he can't find a suitable successor... the latter is unlikely unless he hasn't been looking hard enough. So I'm afraid that I agree with others that we need to keep up the pressure. I don't think that he needs to be threatened in the email with an EGM but we need to be asking him to confirm what action he has taken and what his plan is for the future management in light of his previous comments about stepping aside.

Hey Smiley - sorry, I've not been able to keep up to date so just reading the last few posts.

I have lots of sympathy with Jessel's view and I reckon that the last couple of responses from GR have been because he is aware of the threat of an EGM. Whilst I believe that he reads these boards (in company time too and at our expense?), I think that it is important for us to keep raising the question of when he is going to step aside and appoint a new CEO.Off the top of my head, I think he first indicated that he would over 18 months' ago! I don't think that we can leave him any space to distract usfrom that question or string us along!

Thanks glos.

I'm supportive of selling any non-core assets to progress Zulu, whether that is ARCM or the other assets that Tedoby referred to or Circum. There are also the Prem shares from the failed KME deal. (ARCM may not be available - were they not used to secure a loan from GR?). Really need to get those drills turning asap. GR has to wake up to the fact that he can't hold on to everything.

I didn't like the Circum purchase at all in the first place so i would advocate selling it and other assets to fund Zulu.