No offence intended but, you have been expressing your theory that the delays are intentional to suit the Gold business model and future proofing FFX gold. I don't have a problem per se (as I will be maintaining both FFX & LLL) with the Company's endeavour to do this, but I hardly think it is by design and more the board were not expecting the demerger to take as long with the additional delays.
It isn't so much I'm getting impatient but excuse making on the Company's behalf is wearing thin and the company's (I'll say it again) lack of an information update is contributing to the angst some are expressing on the threads.
Call me impatient if you must, but it is more a justifiable annoyance that I exhibit, at the Company's beckoning:
The Company, through announcements has advised / indicated:
~ the Demerger seeds were sown in February 2021 - "Intention to Demerger Goulamina Lithium Project."
~ Firefinch / Ganfeng to to Jointly Develop Goulamina - 16th June 2021
~ Introducing Leo Lithium - 16th August 2021
- Demerger completion expected during the March quarter 2022
~ Ganfeng shareholder approval received - September 1st 2021
- it was in this announcement that the company stated:
"A further condition precedent is the transfer of the Exploitation Licence for the Goulamina Project to the JV company. The Company's advice is that this can be completed shortly after receipt of Chinese government approvals." ~~ These approvals were received on the 20th October!!
~ Malian Government approval received - September 30th 2021
~ Goulamina: Progressing a World Class Lithium Project - 20th October 2021
- Shareholder meeting targeted for February 2022
~ Demerger Update (included in the above announcement) timelines:
- Australian Tax off Ruling ~~ December 2021
- Lodge Demerger Short Form Prospectus & Notice of Meeting ~~ Early Jan 2022
- Shareholder vote on Demerger ~~ February 2022
- Demerger implementation ~~February 2022
- Lodge Entitlement Off Long Form Prospectus ~~ February 2022
- ASX Listing of Leo Lithium ~~ by the end of March quarter 2022
~ Quarterly Report 30th September
- Licence Transfer expected to be completed in the December quarter
~ Demerger Update (included in activities report) timelines have pushed out!!
- Lodge Demerger Short Form Prospectus & Notice of Meeting ~~ Q1 2022
- Shareholder vote on Demerger ~~ Q1 2022
- Demerger implementation ~~ Q1 2022
- Lodge Entitlement Off Long Form Prospectus ~~ Q1 2022
- ASX Listing of Leo Lithium ~~ early Q2 2022
Listening to the uncovered interview video - now it is by the end of the next quarter?
Potentially 3 months over what the initial timelines were, and you tell me I am being impatient????
No secret that I have been invested in this company for a long time (2013) and obviously for the gold, (I don't think Lithium was in the dictionary way back then) BGS was one of my first "penny stocks" I invested in and it was on the back of research of an inexperienced investor but I was drawn by the Company's MD, a humble geologist that liked nothing better than to wander around the country with a pick in hand - it was his belief / conviction and passion in the Company (that he was also heavily invested in) that convinced me. It has been my choice to remain invested in this company, accumulating shares over a long period, I will do very well when the time comes to divest and move on ~ but it doesn't mean that I have to accept a mediocre performance from the board of directors. They are getting paid to do a job, and yes maybe the were outside of their expertise, hence management appointments but they are also paying external companies / consultants to advise so there is no excuses acceptable.
I was also one of the supporting RM's that ultimately saw Joyce leave his BGS after the removal of the board, now we are onto the 3rd board of this Company and IMO they are exhibiting and demonstrating the same traits that were the downfall of the previous boards: arrogance, contempt for the shareholders through a lack of transparency and regular information, more so now with the delayed demerger.
I have no objections of getting additional information from social media outlets, paid interviews, HotCopper and other share forums - my objection is its the only current source of information!! Official company announcements / updates should be the primary source and if Anderson and Co have the time to continually present for interviews then they can take the time to write an announcement.
I also have no objections and totally understand that dealing with foreign countries there will inherently be delays, my objection is those delays are being delivered (almost flippantly) via one liners taken from electronic interviews!
If you are happy or not concerned with the lack of information ~ "As above", make excuses on behalf of the Company all you like but refrain from suggesting I am being impatient ......
cheers
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