The major holder- Veremonte- seems to be putting the squeeze on GLA again. Palermo quit before the AGM and so was not voted on. However, had he been voted on, he may have got the same outcome as the other resolutions: NO to remuneration; NO to a future placement; NO to further placement capacity.
Now two more Directors gone, with three of the "Old GLA" set remaining- Dean, Adams and Bruno. Maybe one of those will go, too- a few too many Directors with these new two, for such a small company.
Veremonte effectively have control of the company now. Fair enough, too- GLA has dithered for too long- with very few ANN's to keep any kind of share price momentum going. Veremonte seemed to hate all the options being handed out like lollies, and the company and Patersons' negotiated on that one.
The main hope is that the new Directors can either get deals done- off-take and the like- to ease the burden of capex- or that Mr Dean can sort out how to reduce capex- the $200m low figure is pretty high imo, for this tiddler. The IRR is, I recall, about 14%.
Best of luck, holders. I still watch this one with interest.
GLA Price at posting:
2.3¢ Sentiment: None Disclosure: Not Held
