AGM by RED (My account of the AGM meeting.)
What are they (BOD) not telling us, hiding behind and under disclosure.
It was obvious that I was not the only person that feels this way at the AGM.
What became apparent very quickly was the BOD wanted to close down question time quickly, they did not want to answer questions, You can imagine how well that went down with everyone wanting answers to questions the board was avoiding.
The uncomfortable truth was being asked and demanded.
I sat in the AGM unlike many here, I asked many questions and I listened, I also told the board a few truths and I also corrected the board on misinformation they were presenting as truth. I pointed out that Sconi is primarily a nickel mine with cobalt credits as opposed the cobalt mine they were presenting us as.
I pointed out the inaccuracies of their 3+3+3 NCM presentation when NCM811 is where they should be focusing, we were being told what they wanted us to think was true. Their narrative.
Accuracy is important and they fail to understand the implications of misleading us.
If the board are inaccurate with us shareholders and we know, our potential partners will too.
Respect is everything dealing with our Asian friends, inaccuracy at this level shows unprofessional incompetence.
Everything is changing at warp speed and 3+3+3 NCM will not be around as the go to cathode formulation when we get to production.
I was the person that proposed that a delegation of 5 top shareholders sign a full non-disclosure document in order to get access to the information required to determine truth, reason being that we don't trust them (BOD), and we told them so.
The purpose was to ascertain what was going on, and inform other shareholders that all was OK or NOT, details could still remain secret. (They did not want to go there, hiding IMO)
The reason I asked for this was that the board were caught out with many inaccuracies they presented. These inaccuracies and contradictions were too numerous to just brush away IMO.
I called the board out and told them, what I thought, that I did not trust their judgment, that their performance was unacceptable.
I called them out on the website, its a disgrace and is quite frankly inexcusable.
The excuses were pathetic. It’s a reflection of their sloppy management on all fronts.
We are told that $5 million will get us to June 2020.
On one hand, its very expensive to run a company such as ours they said, I was told this because I challenged them on spending.
On the other hand Supposedly we are cutting back, no drilling other than essential to prove resource spend and progress so that we do not lose tenements.
The BOD will now focus on another offtake partner, (Possibly with no money down) Do they learn ? Supposedly things will be on track by June 2020.
I got the impression they were winging it at times, in damage control already.
I was the person to speak out first,
to make apologies for, and to condemn the appalling behavior of the very angry out of control shareholder making threats.
Ben did not present himself well, stepping down from the lectern because he IMO was out of his depth, unprepared, sloppy and without answer. Flight reflex.
I expect better of our collective payments to his $400,000+ salary and all the undeserved bonuses. Remember the London presentation, unprepared and out of depth, incapable of leading anyone IMO.
Ben was replaced at the lectern by Ramsden, another board member who continued with the company line, some of the response received from him was smirking and an open display of contempt for the shareholders who pay his salary and bonuses.
The appalling attitude and display of contempt was also called out by me.
What most of you here fail to understand is that AUZ is a lifestyle company to some, IMO.
Now this was not discussed as they closed us down, I was going there.
It is my sincere opinion, That SK initially engaged with the AUZ management intending to take up a position, I feel that the AUZ BOD did not impress the management at SK, It is my sincerest opinion that SK walked (It doesn’t matter how) because the AUZ board was unimpressive and SK did not wish to enter into a potential 15 year +- relationship involving $1.4 billion dollars questioning competency and trust. The risks were unacceptable IMO I find it incredible that the AUZ BOD’s think they can phone SK and it’ll all be good again, that they may come back.
Regarding competency,
I refer to the one sided no money down offtake agreement that locked us up for 2 years +-. In that time we were unable to engage meaningfully elsewhere.
I believe that SK used us as well, we were an insurance policy for free, A blocking stake.
Now the BOD is telling us we need time to engage elsewhere but cannot tell us about progress or time frame.
They had no plan B IMO.
If you want to play with the big boys and get into the ring with a 500 pound gorilla, you better know your stuff.
The BOD failed to impress SK, they failed to impress the AGM and they will most likely fail to impress any new potential partner IMO
The performance of the BOD at this AGM reflects our share price, very few if any people walked away saying I am totally happy with the BOD, that we are in good hands and are safe.
I did not hear that Ben is a great asset and we need him leading us into the future. I heard the contrary. Many in this forum are defending the indefensible in my opinion. Take stock of reality.
I have posted our chart for your reference.
I have also posted our chart relative to our peers for your reference below.
I am a shareholder for your reference, I could not get into the AGM otherwise.
We really need to think and take stock of our position, with who and how we move forward.
We need to reset the company, that will involve reshaping the BOD who are failing us IMO.
We need a new leader IMO.
Its all about TRUST AND COMPETENCY.
The content above is in my opinion, is a factual account to the best of my ability.
There were top 20 holders at the AGM
RED
Addendum
I am no shrinking violet, I tell you here what I think without malice. That’s why a certain cohort of you have me moderated occasionally.
I told the AUZ board in no uncertain terms what I thought of their performance and they deserve to get it straight.
I did not runaway after the meeting, I stayed to discuss and confront where necessary.
The BOD now know who I am, I told them.
I was sitting next to an elderly gentleman on the front aisle seat, his posture was good and positive early on, as the initial presentations progressed his demeanor shrunk and he was clearly in disbelief and possibly distress at what he was hearing, he also asked questions, the answers were clearly not what he hoped to hear.
He definitely did not deserve contempt from the board either.
That shareholder is representative of the 11000 majority stuck here IMO.
What most of you fail to understand is that when a BOD displays open contempt and smirks at the shareholders, to the point where shareholders are enraged, THERE IS A PROBLEM.
Now think about what they are doing and saying towards the list of 11000 + shareholders behind closed doors that did not attend to hold them accountable.
For those of you thinking about having this moderated, perhaps you should think about who stood up for and held accountable the AUZ BOD, who stood up for the 11000 shareholders that could not and do not have the ability or intellect to take the BOD to task.
YES it was primarily a guy called PTW and RED, there were a few others and I apologise for not mentioning you, I do not know who everyone was.
Believe me when I tell you, the BOD are in damage control and the fallout has not even started yet.
Whether you like it or not, I am standing up for myself and the 11000 quiet AUZ shareholders, if you don’t like it, perhaps you should look at yourself critically.
This post is intended to convey the mood of the meeting and in no way slander or bring anyone into disrepute.
It is a factual account as I perceive the AGM.
I am very conflicted in posting this, the reason being I am still a large shareholder, I really feel the need to say what needs to be said, I am speaking out for myself and the 10950 quiet shareholders.
I believe that AUZ tenements have great prospect and I hope for a great future in AUZ, but we do have problems that need addressing within the board of directors.
I hope the very large shareholders take note of this.
They know who I am as well.
I do believe in truth, honesty and openness.
RED
(20min delay)