(earlier today I posted the following commentary on Agoracom and since we all seem to be keeping track of each other on both sites I left it at that. I wrote this to indicate observations and used a little levity in the process. (in order to help our sanity) However, I am also starting to question Daniel Major's qualifications. Within 32 days of becoming the C.E.O. of CMM he destroyed his credibiity and our trust in him. Within 98 days (today) we want him, the Board of Directors and Max Finsky out of CMM. In all my years in Senior Management, the fall of Daniel Major from the grace of CMM Shareholders in such a short time is unreal.)
.......................................................... here's what I wrote previously
I did not expect the tone of the Conference Call yesterday.
As Daniel Major proceeded into his monologue it became very apparent that he was
Not as Gung Ho…Low keyed…Subdued….
Worried inflections…..Defeated…..Demoralized…..off balance
This was in total contrast to the cock sure and arrogant Daniel Major that we heard in the past few encounters with him. I’ve needed time to relisten, reflect and respond to what transpired.
So what else happened during the call?
- We were informed that the record date had still to be set
- That “White Knights” could still be hiding in the bushes.
- There were only 5 callers asking 10 questions (previously 11 callers, 17 questions)
- Total conference call took 29 minutes,(previously, just the Q & A took 39 min.)
- J.L. told Daniel Major that he was not trusted by shareholders
….. and that Daniel Major (after only 98 days on the job as C.E.O.) should be Fired for incompetence and the Board of Directors and Senior management are acting as “TERRORISTS”
Is something unexpected and worrying starting to develop in CMM Management’s supposed “Slam dunk” plans ? Have they gone back to the drawing board in light of the reaction that they are getting from shareholders? They may be licking their wounds but……
As my dear friend “Julius Ceasar” once said…..” beware the sly wounded Fox”.
(or something about a knife in the back of CMM Shareholders)
If YOU are having a bad day….. Listen to this (complements of T.E.)
2 comments:
I was not able to make the call, I have not missed on in a long time.
I wish some more questions would have been asked about production at Lamaque. When they expect to be cash flow positive.. and when they will be able to access lower levels in the mine that have been dewatered.
One good take-away was that post-merger shareholder protection is to be detailed in the circular.
It is interesting that the circular/vote has been delayed. The longer they put the merger off the more chance of its failure (IMO)
With 7 M cash and San Juan up and running they should be able to get lamaque to cash flow positive status by the end of Q2.
They will have to if they are going to produce anywhere close to guidance for the year (which they left unchanged)
To hit guidance they will need to produce and average of 22,000 oz per quarter for the rest of the year.
If they manage half that (11,000) per month - a more reasonable estimate given past performance, lamaque should be cash flow positive.
I have a video of the question period audio, my screen and repeated attempts to be recognized with the audio from their side commenting the que is empty. Just a bit funny.
Does that happen with other companies when holding CC's?
If it is rare I can post the video. Have to edit the file smaller before posting it, never have done all that before so it won't be too soon.
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