I don't understand how anyone is possibly pinning their hopes on Smith. Have you all not seen the evidence of this man's ability. He is incapable people!!! He should have bowed out a long time ago after he managed to amass a nice slate of properites, but then blew it with his laissez faire approach as this man cannot leap into action and does not feel any desperation to earn his paycheque. He has been conditioned to be self-entitled and has always made sure he gets on the board of other companies, but he doesn't know how to create and drive value for shareholders of his own company.
I will personally be delivering this message to him this weekend and i am willing to start a petition or an attempt to get him out. I hope to appeal to his common sense and go over all the evidence of failed opportunities and ask him to step aside and appoint someone who has a business knowledge and savvy to acutally create value. Enough is enough and we should demand better representation of OUR company, not his.
This includes a plan of arrangement folks with other companies who can help us become more profitable, whether it's Noront, Champion, etc... there are much much better management teams who can do a better job for us. I don't know what people are waiting for - i have seen nothing but shareholder destruction and lost opportunties over the years, but Smith sits back and collects his handsome paycheque..which he is done for 25+years!! You think he wants to give that up??
Recently i shared some hypothetical take out offers and he would not even entertain the idea. He actually became paranoid and thought I was a shark or questioned who i worked for. I had to remind him that i am one of many frustrated shareholders! The offer by the way would have to be something astronomical and completely unrealistic before he even took it to the board or if a company went hostile, otherwise we don't stand a chance to get some value because he his strongly disliked by Bay Street and other mining folks in TO which he conceded to me himself. With so many people rooting against him, it's only going to hurt our chances to get some respect and people to invest in us.
PM if i have your support.
Thanks,
Eudai
