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Friday, June 09, 2006

Strathmore Buries the Bad News

Strathmore Minerals' latest press release makes a lot of noise about David Miller being appointed to the Board of Directors, which is fine. He's a very sharp guy who knows the industry.

But at the end of the press release, they mumble something about...
In order to make room on the Board for Mr. Miller, Mr. Steven Khan will step down as a Director and will be appointed to the position of Executive Vice President. Mr. Khan will continue in his corporate development role. The Board thanks him for his past contributions as a Director and welcomes him to his new position and continued presence in the company.
So what really happened here is that Khan* left the board. Nandeyanen! I'd consider that to be the big news in this situation. The market agreed with me and punished the stock on Thursday quite a bit.

Miller is good, but Khan was a very significant financial guy. Why did he leave?

UPDATE Sun June 11, 2006: It appears that this blog now shows up on The Truth Laid Bear as the 5,000th most popular blog (the very last one on the list).

* not to be confused with Khan Noonien Singh

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