TON (ASX) News: TON Triton Minerals Says Peter Canterbury Will Step Down As Managing Director And CEO

Originally posted by BigDaniel ↑

Thanks for the good thoughts Sam.

"1- He was forced by Chinese to resign as they need to put a chinese native as the CEO"

I was thinking that was a possibility, one of Max Ji friends or something a long those lines. After talking to David I'm sensing that is not the case at all.

I got the feeling David will be performing both interim-CEO & CFO roles for a reasonable period of time, likely overseeing financing, mobilisation & the bulk-earthworks contract touch wood.

My money is the board will wait for a decision on financing, not risk a new CEO during a rapid mobilisation and instead wait for the next breather to review the companies management structure October/November when works will again pause for the next rain season. That's logic in my opinion because it allows continuity at such a critical time as mobilisation, it allows Triton board of directors to reflect on David's performance and make good sound & non-hasty structural decisions with the relief of the wet season.

"2- He was forced by Jinan to resign as they realised they need to preserve cach to avoid a CAP raise this FY"

I doubt the saving of a hundred thousand or so in whats left of the financial year will effect any capital requirements for Triton, even looking forward past this financial year.

I'm going to presume David will accept a similar package to Peter as interim CEO & absorb the dual duties of CFO saving a few hundred thousand over the year possibly.

I pressed David on our financial health moving forward, he was not one bit concerned and said the company cash position was reasonably healthy with some things I had not taken into consideration when I originally estimated about $2m balance at the next quarterly.

Even if Jinan did make the demand Peter resign, it's two vs two on the board so Jinan would need Peter to agree. Peter staying on as non-executive director suggests that his leaving wasn't exactly on bad terms.

"3- A good opportunity came for PC to join DEG and he decided to resign (better salary package, a job that better suits his skillset, etc..)"

Very possible...It's what I'm told...Peter specialises in exploration....He holds 5m ordinary shares and if putting someone else with a different skill set to take this company forward means resigning giving his 5m ordinary shares the best chance at being in the money is great incentive.

Also DEG proves Peter is hardly desperate for the Triton pay cheque, I've said on multiple occasions shareholders need to remember these guys would have little trouble commanding these salaries at alternative companies without working back breaking weeks either.

Just on your thoughts regarding when Peter sold $100k worth of his performance rights to clear the associated tax bill attached to the rest of the performance rights...I buy it for now even if you don't, the amount he off loaded was about right. If he goes selling his remaining 5m ordinary shares anytime soon I'd be alarmed and disappointed in Peter but we are yet to see any such thing.

Perhaps Peter and David could have taken pay cuts, but in retrospect it would not have exactly played well with the message 'Finance is coming and minute now' and likely sent a very different message than the stabiliser they were probably aiming for. Covid or no covid when your management says financing targeted for June, then November it doesn't align with pay cuts and the market would not have bought the good will gesture in my opinion and instead run for the door.

"4- PC wants to hedge his bets ( he still a director in TON so he will earn a secondary salary, he still got a lot of free TON shares so he will benift from TON succeeding. He will earn his main salary from DEG. Make new work connections from working with DEG)"

Highly doubt it....The Triton directors get what $60k? I don't think that's enough incentive for Peter to remain as a non-executive director.

Like you said he probably wants the best for his 5m ordinary shares which hopefully means we are still game on for financing.

He probably wants to maintain his reputation by leaving Triton in an orderly transitional fashion where the balance on the board of directors is maintained with a two vs two structure until the company decides on a more permanent structure.

Most importantly hopefully Peter is the decent person I believe him to be and is ensuring by stepping aside as CEO & staying on as a non-executive director for a period he is doing the right thing by Triton shareholders & giving it the chance to re-structure with the best people to take the company forward.

I've no problem with what we have payed Peter for his services to date, but equally I think if he is the decent man I believe him to be he will hold his 5m ordinary shares for better or worse as he has to this time.

I don't think Peter knows if financing is a done deal hence no directors buying on market but equally I have not seen a change in directors interest showing him running for the door in these uncertain times either! I think he is a decent bloke who has done a great job until proven otherwise.

Cheers mate.

Expand

Forever the optimist Big Daniel.....

Sorry, but I have to call out your comment above regarding salary reductions. Do you really think that Management taking a pay cut during Covid would have sent a negative message to the market? C'mon, you are kidding.

Hundreds of Company boards across the ASX were praised for being responsible and limiting cash burn during Covid. It was exceptionally well received by shareholders, who were also doing it tough and it the most of extensive capital raising across the market.

Take a company like TON, with its history, it's regular CR's and dilution and limited cash balance. Two highly paid Management who collectively pulled out over $1M in salaries in the last year for achieving nothing. The company is in the exact same situation (if it has advance anything, management haven't advised us) it was 12 months ago.
The right thing to do was to take a pay cut.

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Last 0.9¢		Change 0.000(0.00%)		Mkt cap ! $14.11M

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