Originally posted by Thanky
All they had to do was raise off the back of the PFS and get more active on the IR side. Meet self imposed deadlines, proceed with DFS work, buy a little on market and continue with negotiating off takes with consultants. Rejig the board slightly and find a permanent CEO.
How they dropped the ball on this I'll never know. Obvious as anything what to do. It seems we offended them. Weak as...
Originally posted by WoodySpoon
I really fail to see how you blame the shareholders if you don't have any further information to hand.
It was totally incumbent on the BoD to progress and promote the company, while communicating to shareholders. They totally vacated the field in 2 of these requirements, and there's therefore doubt as to the whether the first was being done to satisfaction.
Were they too proud, or too embarrassed to do an investor conference call and explain their wotk, or at the very least defend their professional reputations? Either way, I'm glad they've gone.
It really is a deplorable way to end their tenure, despite the the good work in righting the ship and setting a steady course.
Hope we grab someone from the coal face of AJM or PLS to get us to mining. There have to be a few suitable types who've only just operationally completed what we'll be doing,...
Originally posted by Maigret1
Maybe you’re right and this crew left in anger Gwaihir…
But maybe shareholder pressure and complaints were only a highly welcome reason to leave this ship ? Now where the cash box is empty. And now “The good old days” where it was enough to drill holes, deliver correct income statements and transfer consultant work into good looking powerpoint presentations came to an end.
You're right, the shareholder group (if there is existing one, until now we only know from their existence from run-away-directors) represents only a small part.
But hey, these directors have to represent all shareholders and these high paid people have a responsibility to hand over the company in a good condition. Run away like prima donna’s because they were offended by a shareholder group representing maybe 10-20% is extremely unprofessional and cowardice on the highest level. I’ll never will invest in a company where one of these blokes is having responsibility.
Originally posted by Maigret1
Maybe you’re right and this crew left in anger Gwaihir…
But maybe shareholder pressure and complaints were only a highly welcome reason to leave this ship ? Now where the cash box is empty. And now “The good old days” where it was enough to drill holes, deliver correct income statements and transfer consultant work into good looking powerpoint presentations came to an end.
You're right, the shareholder group (if there is existing one, until now we only know from their existence from run-away-directors) represents only a small part.
But hey, these directors have to represent all shareholders and these high paid people have a responsibility to hand over the company in a good condition. Run away like prima donna’s because they were offended by a shareholder group representing maybe 10-20% is extremely unprofessional and cowardice on the highest level. I’ll never will invest in a company where one of these blokes is having responsibility.
Originally posted by sachz
the existing board members were on day rates for a reason, they weren't expect to last for more than 4 or 5 months. in the end they extended without checks & bounds via complacency to about 18 months and without real results, with nobody checking timesheets (or they checking each others, no governance in place).
yes, kudo's to them for getting us here, but they needed to exit a long time ago and hand over the baton to someone else.
we have the building on a NEW board with a focus to get us to the next level. the previous group failed, clear and simple. this change was necessary, 100% and all within time.
we also have ANAND SHETH on the BGS team now and he's the Transition that we truly needed. together with him and the team he builds around him to move us from a speculator to a producer (ala, PLS and GXY previously which he had a direct hand in), that puts BGS back in the box seat.
good times coming peoples!
Originally posted by Whatismyusername
Hmmm...... seems like we are all missing some fairly fundamental issues here..... in no particular order....
1. Cash as at end of Sept was A$2.3m
2. Cash burn, net of gold royalties, appears to be A$2.3m per quarter..... so we have 6 weeks cash left on the balance sheet.
3. I'll raise the thorny issue of "trading whilst insolvent".... Not sure if we have been, but we are potentially close to now...
4. Mali Govt: even they're more stable in terms of leadership than we are.... There's a chance in my opinion that our license is looked at quite seriously. Do we have it taken away?
5. The Directors are there to represent all shareholders, not just answer to a select few. In this this scenario, this is exactly when Directors should be protecting shareholders, not resigning when things get tough. This appears misaligned with standard fiduciary duties.
6. The recent hires of Anaand and Co must be feeling very unhappy. Who's left there to actually pay salaries..... do people still turn up when they're not paid? I know I don't....
Bottom line folks we should be talking about a class action against the former directors.... Not "what a great position they left us in"....
Originally posted by dunny29
'It seems the board were well advanced in funding the company for the future but they were rolled because of the low share price'
If the board was close, I doubt they would have walked. IMO it is clear whatever plan they had leading into PFS2 has eventuated into nothing.' ~20 weeks later and the timelines for a deal etc keep being pushed back.
'Yes, they were caretakers but I did hear that solid attempts were made a number of times to find a permanent managing director and the candidates did not eventuate for their own reasons.'
19+ months now and nothing, either they had unrealistic expectations or weren't overly keen on finding the person to take this company forward. This has held the company back massively.
'Now it will be even harder to find someone prepared to take on the huge workload with an aggressive and interfering band of shareholders at their backs.'
I strongly disagree with this, there is a clear platform for an amazing turnaround here. The project has been proved viable and low cost, the shareprice is at 30 month lows. I would be surprised if suitable candidates haven't already updated their CV's. The most risky part (exploration) is out of the way. The shareprice is worth ~half than when it first released very nice drilling results. No other lithium developer is close to this situation.
Originally posted by dunny29
'It seems the board were well advanced in funding the company for the future but they were rolled because of the low share price'
If the board was close, I doubt they would have walked. IMO it is clear whatever plan they had leading into PFS2 has eventuated into nothing.' ~20 weeks later and the timelines for a deal etc keep being pushed back.
'Yes, they were caretakers but I did hear that solid attempts were made a number of times to find a permanent managing director and the candidates did not eventuate for their own reasons.'
19+ months now and nothing, either they had unrealistic expectations or weren't overly keen on finding the person to take this company forward. This has held the company back massively.
'Now it will be even harder to find someone prepared to take on the huge workload with an aggressive and interfering band of shareholders at their backs.'
I strongly disagree with this, there is a clear platform for an amazing turnaround here. The project has been proved viable and low cost, the shareprice is at 30 month lows. I would be surprised if suitable candidates haven't already updated their CV's. The most risky part (exploration) is out of the way. The shareprice is worth ~half than when it first released very nice drilling results. No other lithium developer is close to this situation.
If all their attempts to remain for the sake of the company were rejected under threat of 241 of course they had to walk away.
Unless you have run a mining company or worked in Africa, you are not going to have much sense of timelines. Easier to talk about things than to do them. Africa takes time. Mining takes time. Running a company takes time.
As to others being keen to take on the challenge, run it past a few of your mates who manage mining companies and ask them how they would feel about taking on a company where a small group of shareholders has pushed out the board twice in less than two years and seeks to 'run the company' from the sidelines, dictating and interfering.
If the next team fails, maybe take a look at the activities of this group who have been instrumental in pushing into the company someone who is likely to take on the role of acting CEO.
Management is accountable to shareholders always but a management team which is controlled by a small group of shareholders will always fail.
