The good news is AGY is using Automic this time so that means investors can
vote online. (right up May 12th) and mgmt. can see the LIVE voting results up until then.
I'm personally holding off until voting until AGY releases BG confirmation AND JORC ver.1
(I'd also expect both of these results to blow the market away as AGY have claimed they would the past 6-12 months.)
I know all AGY shareholders are on edge.
The elephant in the room was the missed March 31st deadline.
I'm semi-OK with it,
as they said they turned on the plant Apr. 3rd.
That's a big deal! but how long will it take PA to do it?
I have totally faith he will and
I am literally putting ALL my money were my mouth is.
However, AGY's lack of giving solid time frames (
plant testing throughout April isn't produced BG LCE <1-2 tons>and doesn't say when they expect to have it. Seriously, PA doesn't know if it will take a week or 2 months?!)
and lack of updates the past 6-12 months.
The second stage of S2 ponds started construction 3 weeks ago...why do AGY SH's need to hack into satellites to find out what's going on with our own company? Jerko get's daily updates from PA.
Some shareholders are happy to be updated every 3 months...I'm not one of them.
It appears there was RAW S1 brine concentrate ready 3-5 months after the last of S1 ponds was filled.
I'm not sure why the S1 plant took that long to be made. Yes, I understand the capacity was increased from 150-500 tons but, there's a lot of repeated little delays starting to build up. However, that can be expected but, I don't think PA cares about speed.
My understanding is he does everything and is VERY tight on cost...as it should be but, if it means spending a bit more on extra staff and equipment to get the same result 1-2 months earlier...then that's what needs to happen. AGY NOW owns 77.5% of the OP and pay for 100% of everything.
The voting covers:
Res 1. Remuneration Report
Res 2. RE-election of Ranko
Res 3,4,5 and 6 Ratification a bunch of share from the past year.
Res 7. Approval of NEW Equity Incentive Plan
Res 8. Non-exec Remuneration
Res 9. Approval of auditor.
This is the 1 time and only time of year where the power reverts back to the shareholders of the company. After all, Non-insiders still own 80% of the company.
I'd think...
-BG LCE confirmation
-JORC. ver.1
...and better guidance and shareholder updates on production updates would be expected from MGMT.
(After speaking with Jerko he said ASX juniors with-out JORC are handcuffed in WHAT they can release and HOW...I expect things to change DRAMATICALLY are the JORC...if this is the case.)
However the PEA would solve and answer ALL our questions as that CLEARLY shows dates, timelines and est. costs.
I can't see how if BG LCE confirmation and JORC. ver.1 AREN'T released before May 12th....there won't be blood in the streets.
Even though it's not posted on HC...every shareholder I talk to off-line (BIG and small) is pissed about AGY missing the Mar 31st. shown on the bottom of AGY website (and bragged about on twitter) and attached to every investor presentation show to fund managers the past 12 months...
http://www.argosyminerals.com.au/rincon-lithium-project-argentina
Again...delays happen but, at the end of the day...patient Shareholders need to see results NOW.
It's now Apr. 17th...no JORC and NO 99.5% confirmation?
I'm happy to vote FOR all Resolutions once AGY delivers.
Of note...
Res 1. Remuneration Report...
I'm happy to pay Jerko and the team whatever they want but, I don't know WHY Jecko was given 23K raise and a 75k bonus? (I'm happy to give him a 200k+ bonus...I just like to know what it's for...if it's coming out of the 17M raised.)
Res 2. RE-election of Ranko...
This one is interesting. It's been Jerko and Ranko since day 1. I respect that (we owe them a lot). They are mates and that's fine. However, Ranko is Bentley's (AGY's money counters) and they do well on charging AGY fees. Bentley also looks after all of AGY's ASX reports and the did do that massive LATE filing screw-up that got AGY suspended and we had to go to FED court to get re-listed. I sure hope AGY didn't pay for those court costs.
Res 3,4,5 and 6 Ratification...
all normal. Gives Jerko the power to issue another 15% ($45m) with-out the need to ask shareholders first.
That's a big bullet to give him IF BG LCE confirmation and JORC. ver.1 AREN'T done by May 12th.
Res 7. Approval of NEW Equity Incentive Plan ...
I'm not too fussed on this if they get a JORC in the next few weeks but...
WHY not a higher strike price? I doubt this get's passed unless AGY is well north of 60+ cents. It's just a extra go of the hand in the cookie jar that's really not needed....mgmt own so many share now and most were giving free or at massive discounts.
Res 8. Non-exec Remuneration
OK...this one bugs me. It's basically for Mal.
Seriously...what does he do for AGY?
Beside MC the AGM (which is the place that votes his pay. Nice of him to show up for that.) Some shareholders said he rushed the last EGM...and their was a tad bit of intimidation as shareholders weren't really give a full chance to ask questions.
I heard he brings a lot to the table being a ex-Rio guy but, all I've seen him do is go to a AFL game with Alex.
Vote with your heart I guess here?
Res 9. Approval of auditor.
Sometimes this is a little thing...sometimes it's a BAD thing. It can be a red herring though.
I'll trust Jerko and Alex here.
I really hope Jerko and Alex don't stretch this out to mid-May.
So many shareholders have been so patient. Some loyal shareholders have been under stress.
We deserve results now...
There's isn't that much daily pressure on Jerko and Alex as they are both on outstanding salaries and fee packages from AGY.
I'm cranky with them (as many other shareholders are) as I'm sure they are with me. However, it's on them now to get it done NOW.
It's great that many shareholders have fallen in love with AGY but, the sharemarket is a still business... a business where people can make lots of money and/or lose everything.
Anymore delays could cause dramatic voting results on May 14th.
I'm holding off voting until I see the results.
IMO
DYOR!!
I repeat....
IMO
DYOR!!
(20min delay)