<<I just think that Turner is a typical Howe street promoter, like Pezim and Friedland, who got lucky and now many think he's a genius. The re-pricing of options and other moves confirms this in my opinion. I'm always amazed when I read the annual reports of other companies that I own stock in and compare the behaviour of their CEO's to that of Turner. They seem to be trying to grow companies while Turner seems to be only concerned with growing his own bank account.>>
These comments are very much out of line. Pezim was a promoter, not a mine builder. Turner is building a mine, and has put in place the people and foundation to do it, something Pezim would not have bothered with, but left to others.
Turner has repriced options, but so have many companies. Repricing is cheaper to the company than drafting up new ones, and the options become the incentive to investors to take a big gamble and support exploration work.
Turner has collected around himself and the Snap Lake project, a large number of people with the smarts, experience and financing to bring the Snap Lake mine into production. He is taking all the steps to do just that, without taking on a big company partner. The combined experience of his team, is just like that of any big company, but he could be bringing the project in cheaper, and faster than some of those big companies.
Turner made this company, and mistakes have been made but the project continues to progress. Aber has dragged their feet continuously on this project so perhaps the legal actions were Turner saying put up or shut up. It may take a few years, but they will have to, meanwhile Turner has found folks with enough money, who share his vision to keep the project on track. It occurs to me, ego is another factor in the Aber/Winspear legal battles, and if Turner brings the Winspear project on stream before Diavik it would be quite a feather in his cap. In any event, I view Snap Lake in caricature as Turner and his band of renegades marching the Snap Lake diamond project forward, but carrying the Aber crew in a net tossed over their backs, with of course the Aber folks kicking and screaming over everything.
We await the bulk samples and another great Xmas of rising Winspear stock prices if the bulks verify the previous findings.
The semi-squished hamster. |
