Hello russett, most loyal of potatoes, et al,
It is with sadness/trepidation/expectation that today's announcement was received. As others have noted CJ is a world class explorationist and diamond geologist, who can lead SUF on to much more of the blue sky stuff like M1, the Leopard fissure, and maybe, just maybe, another set of pipes like that at Diavik. It is sad that he is leaving the day-to-day operations, but exciting that he will be free to do that which is best suited.
SUF is a robust operating concern, with much upside. One British analyst has SUF with an $8 NAV without consideration for Messina or Angola, both of which could add substantially to the market cap if SUF could figure out a way to engage the analysts.
Given that SUF clearly has a credibility problem, this is probably a good first step, and one necessarily taken while the share price SUFfered. I would expect quick action by the Board, especially as they've seemingly left the situation in limbo. Rumour, FWIW, has it that a short list has been compiled, which fits nicely with the NR today.
Today's news would likely have been detrimental had the stock been at $8-10 , but at this bargain price, it seems like something needed to happen. Perhaps this is the first of many steps towards restoring the market valuation to levels that approach the intrinsic value that SUF shareholders deserve.
I believe that SUF's operational people are exceptional, and would expect that the board would oversee the continued good performance. It is worth noting that several of the new board appointees, hand picked by Dr Jennings, seem to have decades upon decades of first hand operational and capital markets experience, and would leave SUF much better off than in previous regimes.
I'm looking forward towards the rebuilding of shareholder wealth, with a keen eye towards a quick turnaround.
Regards,
Confluence
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