Rand Mining (RND) and Tribune Resources (TBR), Joint Venture (JV) partners of Northern Star Resources (NST) in the East Kundana Joint Venture (EKJV), offer to help Bill Beament through his personal crisis, despite the discordance between NST and their JV partners over Beament’s ‘opportunistic’ bid to buy the combined 49% stake of the JV duo in the EKJV.
It is rumoured along St. Georges Terrace, Perth’s financial strip, that Northern Star’s JV partners in the East Kundana Joint Venture (EKJV) has expressed real and genuine concern as to Mr Bill Beament’s personal state of mind.
In spite of the dispute between NST and their JV partners, rumour has it that RND and TBR have shown concern regarding Beament’s state of mind and has offered to help NST’s Executive Chairman as an act of goodwill. Beament’s poor judgment decisions unnerve his partners and shareholders. His personal matters and recreational activities are impacting on his business acumen and objectivity.
Personal crisis and loss of personal wealth are taking their toll on Beament.
Despite an annual salary of $2,183,000 in FY2018 as announced in Northern Star’s 2018 Annual Report, Beament continues to sell-off over 70% of his shareholdings. Is this simply insider selling to reap benefits? Is Beament forecasting falling share prices? Or, is Beament’s personal matters contributing to irrational decisions?
Probably a combination of all three. ASIC will closely scrutinise the first two. Beament’ personal ‘party boy’ ways remain the greatest concern with strongly rumoured expenditure on his recreation release ‘of choice’.
Time to listen to the help and advice of more experienced colleagues and accept their genuine offers of assistance.
Mr Beament, it is about time you listen and take solicited advice from more experienced and credible colleagues!
Sort out your personal crisis and your ability to make sound decisions as NST’s Executive Chairman. These affect your partnerships and create concern with your shareholders.