Ann: Notice of General Meeting & Letter to Shareholders, page-32

Agree on this but JP doesn't have the skillset for a chairman, in my view he'd be better stepping aside into a technical role; he lacks the corporate know-how. You want a board chairman with real experience. I also think it's too late for Candelas to meaningfully save their bacon, lithium sentiment is so depressed and project funding so dry right now that they'd barely be able to sell it for more than $20M - it's just another unfunded/undeveloped lithium deposit. I think some fairly radical changes need to happen, the first one being hibernation mode - pause the construction and let the workers go. Cop the penalty payments. Cop the share price hit. Wave goodbye to the brine in the ponds at present. Use the cash they've raised to keep a skeleton team to tick things over and wait for a sector rebound - and be prepared it may be more than 12 months away. Yes this is the extremely tough call, but they simply can't get relying on hand-to-mouth equity to fund the project. I estimate they still have a gap of A$116M, @8horse suggested A$98M so let's go with his figure to be kind. Even if they were able to somehow raise that in one hit at a 20% discount to last close, that'd add another 628M shares on top of the 472M current outstanding - or 133% dilution. It'd leave Galan with 1.1B shares on issue and a project producing just 5.3ktpa LCE, and screeds of free options waiting to suppress the price (and further dilute the register).

The real litmus test will be how longsuffering holders vote at this latest meeting. If they back the directors in again - especially the ones who bailed on the 46c raise - then it simply sends a message to JP & co that their approach is validated. Let's see...