Step down, Mr. Beament!

Bill Beament

Bill Beament’s appointment as Northern Star’s Executive Chairman in November 2017 has raised eyebrows and caused criticisms from proxy advisers and shareholders, who think that executive chairpersons should not have an executive role with the company. Did Northern Star’s board of directors make an unwise decision to appoint an opportunistic leader with the Executive Chairman title? 

More to Beament than meets the eye

There is more to Beament’s seemingly upstanding reputation than meets the eye. He projects a ‘squeaky clean’ persona in the public eye and keeps mum about his true nature. Beament’s achievements detract attention from the real issues, and as the saying goes, “all that glitters is definitely not gold”.

Beament’s Family Court issues and poor business acumen, such as the Pogo acquisition may see Northern Star’s share price plummet. Our view is that Beament’s Northern Star is only buoyed by the Australian dollar and the gold price.

Another cause for concern for shareholders is Beament’s major insider share sell-downs. He has sold huge portions of his holdings in Northern Star Resources leaving investors with a feeling of uncertainty and fear for their investments. The latest insider sale from Beament was reported in a Change of Director’s Interest Notice in June 2019, stating that he has reduced his holdings in his Perth-based gold mining company by 3,141,795 shares. Why has Beament been selling his shares? Are his major sell-downs really due to Family Court settlements or are they foreseeing a fall in Northern Star’s share price?

It is high time for Beament to step down

Shareholders are alarmed about Beament’s insider share sell-downs and are questioning his motives and his credibility as Northern Star’s leader. If there are further sell-downs in the future, investors should look to jump ship and divest in less risky business opportunities. 

Northern Star, under Beament’s leadership, may see investors facing considerable losses. Beament’s questionable ways unnerve insiders and shareholders. New management that is mindful of shareholders and does not exercise oppressive conduct will appease investors. It is time for Bill Beament to step down.

Mr Beament, please take time to sort out your personal matters and recreational activities. They are impacting on your business acumen and objectivity. Your actions are unfair and definitely not sensible.

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