Thanks
@vmp for putting that up there.
None of these conditions have currently been met, as I understand.
Condition A.
Would surely be appreciated by all holders.
They have placed the most importance and the most weight behind achieving a current (pre-consolidation equivalent) price of 63c for 30 consecutive days. That is recognition that there are investors who have taken a serious hit investing in the 60s. Mission 1 is to make the 60s a new base as you don't achieve 30 consecutive days without a sustained re-rate from this level.
Yes make it happen and we will all be happy, particularly those accumulating here and now in the low 40s. They also don't achieve the 30 days by dumping stock as soon as it gets there or by moving to consolidate without a good idea of the number of instos that have been on the phone asking for this to happen so that they can buy in.
Condition B.
Not quite there yet either. This may be the easiest to satisfy. I expect that is July.
Condition C.
June 2017 sounds about right for that. 2 shipments at new contract price on top of Contract 1.
Possibly 3 required, if the pre-payment for Contract 1 doesn't quite squeak in to the 12month cut off.
Condition D.
I think the wording is open to interpretation, but the current "test" plant is not the full scale decision to develop the project. The "project" is the prospectus descrtiption - the full scale 25ktpa facility. The decision would have to be backed up by the success of the test plant results and the progress of the infrastructure roll out at SDV. Finance and offtake would have to figure in this decision.
Condition E and F.
Goes without saying that earliest for that is May 2018 and 2019.
AT is already one of the very largest single share holders.
(There may be some whales hiding in those nominee accounts)
He has 23.5m shares. That is some real skin in the game and he feels every cent lost on the sp.
He also hasn't sold a single share.
Only the ex-director Michael Fotios has sold shares in the last 2 years, and when he did so, he did by off-market block trade.
AT was gifted with 12m shares back in 2015 but has also bought on the market.
That shows a steady hand. He didn't consider the recent highs to be anything near where this share price is eventually going. One day he will want to cash in a few, and he will be entirely within his rights to do so. He knows that would send a bit of a SELL signal to the market. That hasn't happened yet. I guess if he gets the 20% increase in his remuneration package then he won't need to be touching those shares for a while yet either.
Bacchus and Turner are currently working for free so its a no-brainer that they deserve remuneration.
Central question is do we want to retain the talent of our management team, are we happy with what they have been doing?
Do we want to risk any of them being poached with a more lucrative offer from another company?
Current pay rates don't appear exactly chump change, but neither are they very generous by the standards of a global company. We want to keep AT at the helm don't we?
The decision to consolidate is another clear BoD strategy to combat the problems the share price is having. If they can succeed in driving value for us via pricing our product and developing the new assets, putting Galaxy firmly on the lithium map as a major player with a massive MC, that is all that matters.
