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06:54
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Originally posted by PLAYER191:
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Took unpaid leave to attend the AGM with a good friend who is also a substantial shareholder. We arrived and sat in the front row as i intended to ask questions when the opportunity arose.Lucas Dow made his way over and introduced himself and asked if we had any questions - said i had some things i wished to raise and i can either do it now or when the meeting has started during question time , he said up to you . I thought why not you don't often get one on one with a CEO .I started out saying the merger in it's current form is a really bad deal for SYA shareholders for a start we are giving a so called 'partner' a hand out of the ditch - the same partner who dumped all of our shares on market for 5.2 cents after pumping us to near 6 cents without even knowledge of any of the board of Sayona . This same partner we are now giving a sweetheart deal to ... i went on saying Africa i see as a sovereign risk , never invested there never wanted to , Gaston County has permitting and local opposition problems and the proposed hydroxide plant in NC would require massive capex possibly north of 1 billion ... so my question is why are we giving them 50/50 of the new entity when imo all we are doing is escaping the awful offtake agreement . To be fair he listened and responded that he didn't see the same risk in the African mine and said not all countries there are the same .. well i guess time will tell on that score .. he agreed that some decisions made by management [ PLL dumping of shares ] left something to be desired[ remember 4 of these will sit on the new board ] but he was focused on doing the best for the company once the shackles are released on the offtake. We agreed to disagree on the value which is when he quoted the line about selling your house and used later in the meeting , the price you want versus the price the market will pay - well i look at it this way if i own a mansion on the water [ NAL and Moblan] and you own a bush shack [ PLL assets ] we merge - now you own half my Mansion.I said well Lucas i might as well keep going what about the class actions shareholders have against PLL for insider trading - to which he replied they have done their due diligence and feel comfortable they can defend any actions it was then time for the meeting to start . During the meeting i asked about the effect of the proposed 25 %tariff on Canadian goods on the PLL offtake to which he replied they were just monitoring it at the moment , also asked for an update on when NAL is likely to break even i do believe he quoted the last quarterly. I know Loui asked some pertinent questions during the meeting which hit the nail on the head.After the meeting closed we made our way over to Lucas again we questioned him regarding the consolidation of shares post merger i do believe it will be something along the lines of 21 billion , so i asked the question 10/1 merger to make us at market roughly 30 odd cents he said why not 3 dollars ? which would essentially be a 100/1 consolidation , we spoke about short sellers and i also brought up the consolidation makes it easy for you to cap raise again further diluting us - his response is that is why both PLL and SYA did cap raises now to ensure along with SYA 's cash balance currently they had the runway to see out low prices. Final question was what was he going to do to try to protect against a lowball hostile Takeover from a predator , his response was to say that the board would not recommend anything not in shareholders' interest and ultimately shareholders would decide. My take is that he is solid as a leader , not scared to take any question and probably represents the best chance out of a really ordinary situation to make something of SYA - he did mention that the shareprice has massive upside for the next lithium upswing and they will be perfectly positioned to take advantage - well it will need to be like most investors here i'm averaged north of the 18 cent cap raise. I will hold and see what happens for mine is should have been a 65/35 split in Sayona's favour but it is what it is , don't post often but thought i would share with the community
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I am trying to think of words that describe the process that Sayona has to go through to become master of it’s own destiny.
(20min delay)