Banks,
By the tone of what I am about to say, I feel certain you will understand how important the following is to me personally. I mean every bit of this:
I feel strongly that a great debt of thanks is due each of those who spoke on the last cc. It is not so much that these people called in, it is more the manner in which they made their point. As I recall, that was the first cc in which individuals did not 'suck up' to management and IMO it is important for ALL shareholders to understand that you own a piece of this company and have a right to express your views.
These people made beneficial opening statements and immediately got to business. THAT is the way to get matters done...NOT by 'sucking up' to anyone...because sucking up demonstrates weakness.
When was the last time you witnessed a senior exec of a major corporation 'suck up' to shareholders? Sucking up demonstrates weakness and only serves to dilute your conversation via perception.
A special thanks to 4 individuals:
Jeffz: I place you first on this list. I truly admired the manner in which you professionally approached the directors, stated your case, 'reasoned' in the course of the discussion and added compelling dialogue rebutting unacceptable 'excuses' by these individuals. You effectively delivered a clear message that Iain and Mike cannot expect to use smoke and mirrors to camouflage the issues. I recall you being a bit hard on yourself after the call, however, that was farthest from the truth...you 'escalated' your tone necessarily and precisely when due. You have no idea how much I respected that exchange...absolutely none.
Hangdog: Another excellent address to a team that needed it. Direct and to the point...and spot on. I don't believe I need to say much here. Everyone knows you ;)
Roger: Yes, Roger...you. Don't know whether you read this board, however, I took notice. You appear as a businessman who understands how to net matters out. Clear, professional, precise, and very well articulated. The moment you began speaking I felt I knew what to expect and you had my full attention. Very nice job.
JP: You come last because nothing needs to be said ;)
There are several folks I have not mentioned, but please know that I found all the discussion of value. There was one particular gent who began discussing a r/s, and while I respect his opinion, I disagree entirely...likely for reasons separate from most on this board...in other words, I believe this NOT because I prefer to save my investment, but rather because I truly believe a r/s is NOT required and SHOULD NOT be executed at this juncture. It will likely become necessary down the road if Neom is not acquired (and I am not speaking of a few months (JMO); IMO it will become apparent (to me) in due course...most likely a year or longer, and only after the pps has had a chance to run significantly), however, IMO it is NOT a 'today' discussion in the slightest.
In short, that cc, IMO, served as a wake-up call to Neom and YA, stirring them to the apparent fact that they made crucial errors that might have adversely effected their plans. Subsequently, they have made adjustments, and perhaps they will listen a bit more closely in the future. As others here have suggested...they might appear to be cleaning house in preparation for something.
This is getting a bit extended, so I'll end this here. Thanks again to "all" who spoke up so professionally and spoke as businessmen rather than sheep. Always be respectful, direct in your approach, and support your discussion with facts...but NEVER suck up.
Best,
Be Confident
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