"Masters of Mass Dilution"...and that is exactly why I asked the question at the AGM regarding how the BOD feels about having to raise more money, and continually increasing the shares outstanding. Of course Wes was going to say the BOD is concerned about dilution, but I wanted him to know that we are also very concerned about dilution. I agree Roos, there will be a PP sooner vs later, and just look at the current share price. NOT's shares outstanding will be well over 300 million before anything happens, and then we'll get 1 for 10 stock split. Sure Wes said only 20 million shares have been issued since he took over...he made that clear, but what about between Richard being shown the door and Wes taking over. How many were issued then? I remember about 125 million when Richard left.
I consider myself a long term holder, but the more dilution we get, the more it hurts me to hold this stock. What I should have asked at the AGM was, "at what price do you think you'll be able to do the next PP at?" I thought about asking this, but knew I wouldn't get a straight answer.
Strato did a great job posting what we heard afterwards at the AGM, thanks Strato. I might add that some of us thought the institutional holdings may only be about 40% now...just a discussion...doesn't mean it is.
I heard (thanks Peter) the hit/miss ratio is great and getting better with the technology they are using (a combination of Vtem, Ztem etc.)...it seems this drill now has eyes at the end of it. That would be helpful!
I also heard we have tier 2 & 3 drillers working the drills, instead of tier 1 (possibly the reason for the dropped hole). The one thing I will say, is that the NOT management team do seem excited about the winter drill program. Possibly because the drill has eyes on it, now that they have figured out how to interpret the data better, AND we might possibly get the tier 1 drillers back for the winter season. (they left for other work during the blockade and we couldn't get them back) Lets hope it's an exciting winter.
In my books, if the NOT BOD/management don't get their act together within the next 3-6 months, we are going no where fast. (ie. dilution) IMHO, the NOT BOD has let this thing get away from them...so I say ring this GD thing back in and start earning your keep.
I'm sorry for a bit of a rant here, but it drives me crazy when I see stock holders getting burned while the BOD get their options. If they were in the same boat as us, then I could cut them some slack, but when was the last time we saw these guys pull some money out of their wallets and "buy" shares. Someone please correct me if I'm wrong, and show me how many they bought.
OK, I think I'm done now. :) I will end by saying it was great catching up with some very good people at the AGM, and meeting a couple of new folks. I always enjoy having a pop afterwards with those who attended...one day I'll be able to afford an Italian Barolo. ;)
Take care everyone,
Cheers,
MGB
