Dean of Constantine,
I am not negative the properties or the growth profile of the production ,the grades or the resource discovered and yet to be announced. I am not negative the geologists or MeGaw's performance and what he has brought to AUN when Lenic did not even understand what a CRD was.I am excited about the Tosca additions and whether we can control Red Hills.I am not negative silver or the prospects for it being at least revalued to resemble some historic levels between $150-$400 oz within a few years time-and how that will allow AUN to be a superstar amongst silver producers.
AUN are ,right now,on the cusp of quadrupling or quintupling annualised production within a calender year or so.The resource at both projects will continue to grow and so AUN will,I will guess,have up to half a billion oz of silver equivelant between the two projects when all is said and done.
If you ever read this board I have been a screaming AUN positive guy for five or six years now.I did my very best to only write positives and I disregarded negatives,some of which I felt were not so ethical in nature.
But something happened when Lenic started financing the company as the CEO/Pres..A lot of what Lenic did I can understand if I have the story correct.Poindexter apparently had a right to Shafter's land if the historic mine did not go into production by end of 2012.Poindexter used the water issues to thwart AUN's right to the mine under the contract\s specified time frame.
In many ways Lenic is to be commended as he accomplished a significant goal that he had to learn as he went along.Not many know that story.
Lenic did flounder in a role that he is really not qualifed for,and that is to assemble a mining staff capable of meeting the prior board's goals that were set out years in advance for him to execute.Instead ,it appears he no longer had the board that carried AUN when he was just a director based on being a middleman fund raiser.
He also began to record some public speaking tasks accompanied by ,shall we say,conduct not befitting a man of his position.
Considering that AUN did a correction based on topping out in October the fall was somewhat orderly.However,the short community took AUN down disproportionate to other miners as we are now near a 50% retrace in only four months time.Then came the news that Lenic has gone against what I recoreded was the public company record of only one year ago and has proposed a roll back.To me,this is unacceptable for many reasons and I have listed them,as have many others here.
You may view the record as only negative ,Dean.A lot has been done exceedingly positive but that is not the seventy cent /567 million share story.
In some ways as the sp has faltered under Lenic and asnhe has not met the company's time lines being 1.5 years behind AUN's 1,500 tpd schedule some of the damage is understandable.Not 50% in a few months time and this sp is not befitting the 5 million annualised oz eq that AUN will enter within weeks.
Much of what you read as being negative from myself and other posters is Lenic's speaking record.He has a tendancy to promise and not deliver since taking Shafter on.He has been vague on facts of company specifics in conference calls and in one ,told an investor to sell his shares if he did not like the story.The shares plunged that day.
Lenic has a record of reaching to the point that he appears to have lied on occasion.Twice that I have recorded.I long ago asked the company to comment upon this and they have been silent.It is public record.
So,at seventy cents and a rollback of 80% of your shares so Lenic can now go on and meet some agenda to list in New York (when he had years to devise a plan to utilise the massive cashflow that is now to come in to his hands to reward his shareholders,instead) is unacceptable to me.
Please don't point your finger at me,Dean.I am not the only one pointing out negatives with Lenic and some of what retailers find unnaceptable and distasteful.Perhaps I give better explanations and you now have yours.Please do not point a finger at me and do not ask again for any explanations from me.
Over 90% of 130 + AUN investors polled here voted for NO ROLLBACK so you are either in denial of the majority's wishes of mgmt. and are now very disappointed or you have not checked the share price for the reality check.
I would like Lenic to step down from his present capacity for the damage he has done to the company.He has been adequately compensated for the many good things he has given us.He has not represented us in a manner in which most respect and expect and is not fully able to understand what it is that retail shareholders here wanted,requested and require in this market.
The projects and the company will prosper and have yet to but will outperform no matter what transpires. If the rollback goes ahead I will accept it and only speak negatives when the record is there to have to speak it.
However,the market has spoken at .70 and it is not any retail shareholder that did the damage to this company's sp.Lenic and his directors have not protected the sp from shorts and/or created conditions to have the company's image and credibility usurp the dilution. There have been significant issues since the dilution was created that provided these conditions and now a rollback eliminates mgmt dilution but can not improve upon the public record that is there for all to see and remember.
I will stay with the company in a more limited fashion but this is based on what I see as the strength of silver going forward,AUN production and it's immediate growth trajectory.
As the rollback was just announced I have not had an opportunity to fully adjust my portfolio.As Lenic has refused to do as the market expects and desires I will also do some voting against Lenic and his decision.