I'm surprised that there have not been very many comments on Andre Douchane taking the COO position at Mahdia Gold. Are Rusty, Ivlarry and I the only ones who find this troubling? Or are people here suffering from "irritation fatigue" when it comes to NAP (understandably).
It strikes me that Mr. Douchane has enough on his plate here, overseeing the mine expansion and trying to help find solutions to the cash flow issues that he presumably helped to create. CEO is hardly an every-other-Tuesday sort of job. If he can't come up with enough things to do to keep him busy while "sitting in here", I'm sure shareholders could come up with a list.
Some Mahdia investors seem absolutely giddy about his appointment, calling him "TOP talent" . One said that the appointment should help Mahdia lose "it's image of rank amateurs". Another said "Oh yeah, I forgot to mention something. Andre has a lot of backers. I doubt Mahdia will have any money issues going forward."
NAP could sure use some well connected, top talent.
FWIW, I think Duchane's taking another job is bullish for NAP.
Either it's because he sees the writing on the wall and knows the rest of the BOD does not support him so he's looking out for himself, or it's because of something bigger.
His taking this COO job at Mahdia takes a lot of nerve and I see no way how any BOD would put up with this so it must be that Duchane knows he's a goner and has nothing to lose.
I don't have much to go on but I never liked his style or his attitude and I seriously question his competence in the role of CEO re disclosure and judgement wrt giving guidance to the street so good riddance.
his short tenure as acting CEO showed me all I need to know and hopefully we kill two birds with one stone and get a new chairman as well.
I don't like it, but it said he was appointed to the position by the BOD, as part of the consulting agreement back in Dec. He may have not had a choice, being that it was a binding part of the agreement that he entered. That said, it is still that his loyalties and time are being split, and adds another element of opaqueness for PAL.
Since the Webcast it's hard to know where this stock price is going. I'm out and watching from the sidelines for a few weeks or months. Financing could be a big negative and there won't be any advance warning.