Hello Choyhoy, gemsearcher, russett, Goalie, et al,
Its kinda funny in life how things work out. It was exactly 364 days and about 6 hours from this announcement that a couple of us shareholders had a 90 minute meeting with CJ downtown TO. The stock was about $7, and had just come under pressure again because SUF was late with FY98 reporting, etc.
He'll probably launch legal action against me, but since he's moving to New York soon, maybe this'll slip by. ;)
During our discussions several themes became apparent, and were discussed at length. In particular order, they were: a new President to lead the company, a new CFO fully versed in international mining (and adverse to silly comments to the press), a new, upgraded approach to IR, an earnest attempt to win back the approval of Canadian analysts, the conclusion of the long awaited platinum deal, the removal of some apparently useless directors, a promise that Camaf*&%-up would be visibly worthwhile or discarded, and of course, the silly assurances that "there is a plan to shore up the share price".
Since we didn't sell any stock, guess who we actually believed? Its plainly embarrassing.
Here we are, finally, with a new President. In two weeks he has cleaned house, brought in very experienced, trusted help, upscaled IR, dealt with the negative sentiment in TO by moving the HO, and sent a very simple message to all shareholders that he is in charge and that a new SUF is evolving.
I don't know if all this will be successful, but I doubt that he and the new management can do as badly over the next year. From $7 to $2.10, the stock would have to be at $0.60 at this time next year. I doubt it. I've never spoken with this new guy, but he appears to be a man of action. I'll watch eagerly for the next sign (Camaf*%^-up? Directors?).
In the short term, we're going to have a bit of a referendum on CJ and his mgmt team. Let's watch the stock tommorrow and see what the market tells us. Even if the stock did drop, well, I doubt we'll lose 72% from here, just like we have in the past 12 months.
Best Luck,
Confluence
PS There are some unsung angels in the SUF head office. Daniela and Kristel are the two wonderful ladies that answer the phones and do a lot of the less glorious work, including dealing daily with the massive egos of some soon-to-be-former Canadian residents. I will miss there warmth thru tough times, and hope that someone connected with SUF will make sure that they are looked after. Another good fellow, also unsung, is Peter Bell, the computer, graphics, show and tell fellow that did a whole lot of work with very little credit. Best Luck to them all! |
