Participants:
Peggy Kent - CEO
Steve Wood - Treasurer, Director of M&A and Corporate Finance - gone
Erika Sheppard - Exploration Manager - gone
Tom Thompson - IR Manager - gone
Graham Eacott - VP of IR - gone
Al Gorman - Mine Manager, Sigma - gone
Key points:
Hedge book completely closed out
Production forecasts:
2006 - 100k oz
2007 - 130k oz
2008 - 210k oz - 80k from San Juan
25,000 - 30,000 oz/yr is leaving the SJ concessions through theft. CMM will be purchasing this from the informal miners; it might be cheaper than mining the ore ourselves.
4 - 5 months needed to bring SJ's oz (estimated at around 1 million oz) into 43-101 compliance
TSE listing expected early this fall; working on a US Listing.
Questions:
1. What further dilution without any new acquisitions (other than 2 currently under consideration) will there be through 2008?
PK: Not anticipating any further dilution through 2008.
2. What plans do you have in case of a hostile takeover?
PK: Get more shares into the hands of institutional investors, but if someone makes a bid approaching fair value of $7/share, we'll have to put our thinking caps on and decide what to do.
Share price then: $1.35; POG then: $660.
*************************
Today the POG is $890/oz and we have a share price of $0.145.
What does it take for the BoD to change CEO's?
10 comments:
IF, big IF, by devine intervention, the BOD does change CEO's, would it make a difference?
gUess it depends on who they get
Imagine a scenario where PK gets punted as CEO then the new CEO reports to a BoD that is chaired by PK. Think it's impossible ? Lol
I can't imagine any scenario that will help shareholders.
We're hooped!
Natik, I would say that a new CEO with PK remaining as Chairman is a possible/probable scenario at this point. I wouldn't mind her staying as a Director, but would prefer she not be Chairman. We need to finalize the Fortis financing, after that she is expendable.
Nevertheless even PK remaining as Chairman but not CEO would be a vastly improved situation. She would no longer be the face of CMM. News releases will quote the new CEO and CC's would be run by the new CEO as well.
The Board is supposed to oversee management actions, and to provide general direction. PK is one vote, but she will probably influence the votes of others.
I've just updated the comparison of gold companies spreadsheet on the Information Links. CMM is now trading at $18.52/reserve oz. The average of the other 19 companies (excluding CMM) is $347.32/reserve oz. - or about 19 times CMM's valuation.
On the same May 2006 CC that I posted about today, PK said that Northgate's bid for Aurizon Mines valued the Casa Berardi property(in the same mining district as Lamaque) at $407/2P oz in 2006. (2P = proven and probable oz) when gold was around $650/oz.
It really is sad what has happened to this company under PK's stewardship, but the share price is in no shape or form reflective of the company's value.
May 7/08 N/R
issue the year-end 2007 financial statements, which the Company expects to file by May 15, 2008.
June 2/08 N/R
Commenting on today's updated Notice, the Company announced that it has now resolved all issues regarding write-offs for the year ended December 31, 2007, and expects to file its 2007 year-end financial statements this week.
June 10, no Y/E, I sometimes wonder if its done on purpose. This as gone on many times before, giving out dates for events and missing those dates (and shareholders taking a hit).
Our hope for substantive change rests with the independent directors. With Don MacDonald's departure that leaves Ambrose, Campoy & Lettes. From their brif CVs on CMM's website, perhaps Ricardo Campoy might be the best candidate for CEO from within the BOD(especially if he can get along with the super-ego of PK!).
What do you think, fellow Blog members?
Hi bigjohn37,
If they assign the CEO duties to a different person it will probably be someone currently external to the organization. The person they bring in will most likely have a solid operational background, but also have previous CEO experience. Anyway, that is the type of person we need, as this person will be in charge of taking Lamaque to high levels production and profits, while being the public face of the company (in this new world).
Both Campoy and Ambrose could probably do a good job as Chairman, if PK has to give up her Chairman's role (but perhaps still get to stay on as a regular Director). Unfortunately, I think both Campoy and Ambrose are too busy with other duties with other companies, and thus would probably not have the time to take on the Chairman's role for Century. PK will likely stay on as Chairman, but will probably no longer be the face of the company.
Production05
See those Darlings at RBC just now... Took a market sell blast!!!!
I got filled faster than expected!!
Mike
Qustion for those of you with legal savvy: what Wega is doing/has been doing, can it be considered "stock manipulation" (to achieve their objective)?
If the answer is yes (or 'maybe'), are they not violating some securities laws? If so, how come they are getting away with it?
Just wondering...
I was thinking the same thing. They were savvy enough to make the daeal so that they are counted as management, hence they got the BCSC to declare them so, thereby allowing them to trade. Now it seems that they are spitefully putting the kybosh on PK and the rest of us with their 3 million shares to attain whatever their goal is.
There HAS to be a way to prove this and stop this. Where do we go from here?
Big John:
If they are dissatisfied that the financials are not ready yet screwing us over is no way to show their displeasure. Who do they think they are anyway?
P>S. I get ow this works now. I FIRST have to sign in to my google account then my ID shows up automatically. I don't need the password here. Got ya.
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