I concur with your opinion of Peter Viggers - why has he not put his own money on the line and thus aligned his interests with the public shareholders? IMHO, Mr. Viggers should "sh_t or get off the pot".
I am told by my broker friend in Florida, and others who follow the company, that Steve Jacobs is very important to the future success of the company. He is an experienced and capable engineer who is well-connected in Indonesia for getting deals done. However, he lacks any significant experience at running a public company and raising capital.
As to the other directors/management, I hear that Bob Fearon is a nice guy, but that is about it. He does, however, own by-far-and-away the most stock of anyone on the Board (about 1.3 million shares?). I am also told that he has the shareholders best interests at heart; he also does not think too highly of the lack of performance from Mr. Viggers.
That just leaves the CFO, Ed Mowatt. The story here is that he is a nice guy who owns a few shares, and works hard, but is in over his head. He lacks the necessary contacts and experience at raising capital that is necessary to become a successful CFO.
The bottom line: you keep Jacobs and Fearon, and replace Viggers and Mowatt if good replacements can be found. IMHO. |
