I've spoken to a lot of shareholders (big and small) the last week+ and brokers and fund managers friends back in Canada who I've been updating AGY on the past 2 years. You get a independent 3rd party view point that way.
The next week is a real chess game with the voting coming up and lack of results.
Every investor I've talked to is pissed, even the ones who are posting they are happy?
The timing of the vote and the need/want of patient AGY shareholders to see at minimum BG LCE and preferably JORC. ver.1/small OT deal make the AGM and the voting a big deal next week.
After thinking and taking in everything plus all the chats to AGY mgmt. over the past 2 years...I don't think they are totally at fault here.
I think they should take some blame for not keeping SHs updated on the possible delay(which they have a little bit) but, not the delay itself. PA is the one doing the work and at the end of the day...Jerko and all AGY SHs are captive to him. I think PA knows this too. He's a VERY smart man (3 degrees, Doctorate etc.) .
Let's box that for a second.
I assume everyone has read all the resolutions. These are extremely importantly for AGY going forward and the SP.
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.
While I and other SH might be upset at AGY and or PA's delays...we have NO choice but to vote FOR for most of the RES or we shoot ourselves in the foot. IMO!
Some have said and I did agree that IF we don't get BG and or JORC. ver 1 by the 12th (Saturday) that We'd vote AGAINST Res1 and 8.
I think we need to be careful here.
PA likes Jerko and I assume AGY more than other companies. IF there is more than 25% against, that creates a strike 1. Not that this would happen but, if there was a strike 2 next year...the board is removed by the ASX. I don't think PA would like that.
Still, I'm going to vote against anyway.
Res 3,4,5 and 6
voting against these REALLY could hurt SHs directly and I think ALSO why MAYBE a S3 deal has been put off until after the ratification (as My fund manager friend suggested ). Once these resolutions are passed Jerko has a clean 15% he can issues with-out SH approval.
We know that we'll need $130-150M for S3 funding.
Once AGY get's BG and JORC ver.1 I can't see the SP under the 60-70+ cent range IMO.
So with AGY's 600M MC...Jerko can issue a cool 90M with-out SH approval, The rest could be debt or prepayment? That's a big ACE card I think all SHs would want Jerko to have. The whole deal could go much faster and be BINDING, from our side atleast.
Res 2. IF SH were happy or aren't happy now...they could maybe vote against Res 2. That's maybe the slap on the wrist the board needs. Jerko would be upset but, I doubt it get's close to 50%...maybe 10-30%? Ranco not going anywhere. A wake-up call for the board atleast?
Res 7. Approval of NEW Equity Incentive Plan...
I've thought about it and it does NO help to shareholders...A against IMO actually helps all SHs by lowering dilution. Mgmt. and PA have enough. IF everything is sweet next year they can take another run at the cookie jar. If the stock is well nother of $1...they've earned it.
That's my thoughts on is.
Everyone can and should vote how they feel.
However, it's important to note...after the 12th or the 14th...it's too late. All power goes to AGY mgmt. for a year.
It was pointed out to me and I agree the tone of mgmt. changed slightly after they got the last 17M from the CR.
With that said...As long as they are getting it done (and not missing targets) I don't care what they do or get paid...I just want the SP to go up...when the SP doesn't go up. THEN you ask hard questions.
I'm slightly concerned and I hope I'm wrong about Jerko's trip to HK. If there's NO news by the AGM, which would be really, REALLY bad...I assume that's a reason for Jerko to leave the meeting ASAP and close the meeting.
I hope he has BG and a small OT deal to show in AGM/HK. Otherwise...there's nothing to show FUND managers in HK....is there?
Also, I've heard that Mal can be a be intimating while he's MCs the meetings. I've seen this a million times at AGMs. If SH's have questions or if you even want to make a statement...ask them-it's YOUR company.
I think shareholders are worth 1-2 hrs of mgmt. time.
This is only if there's NO BG or OT. It looks like the JORC is another 1-2 months away IMO.
I don't know what's going to happened in the next 9 days but, If there's no BG or even a OT...I expect a ASX update that some part of the plant has broken and it's unfortunate but poops happens or PA has a cold or "something else".
I really hope I'm totally wrong but, AGY mgmt. need you to vote FOR on Res 3,4,5 and 6...or AGY is in trouble for S3 funding.
This is where the chess game comes in the next week and MAYBE the reason for the sudden communication from AGY mgmt.
On this, the passing of Res 3,4,5 and 6...I'm with them...AGY get's past $1 not on a good S3 OT deal...but a great one that's BINDING. Giving Jerko that Ace card is a must.
I'll probably vote tomorrow to get it out of the way...
still want another day to think about it.
Vote on what you think is best.
I'm just letting you know my thought process on it.
IMO
DYOR!!
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