Ye mate, all Non-execs at arms distance from responsibility ......

First 83 Last

Share
Profile

Follow
pustayo

7,263 Posts.

728

13/02/20

22:44

Post #: 42923989
Share

Originally posted by Surandy70: ↑

Thats a joke, what exactly is he being paid for?

Clearly not for proof reading.

The board changes announcement from 31/12/19 states that newly appointed director Matthew Foy has a Bachelor of Commence. I presume they meant Bachelor of Commerce. And the "about" section following the announcements was an old one:

ABOUT PROTEAN ENERGY LIMITED (ASX: POW)
Protean Energy Limited is focused on the commercialisation of the V-KOR vanadium battery energy
storage systems via its Korean joint venture subsidiary, KORID Energy Ltd (KORID).
Protean is also developing a multi‐energy mineral project in South Korea through its 50% holding in
Stonehenge Korea Limited (SHK). SHK is a JV company between Protean and KOSDAQ-listed DST
Co Ltd (DST). SHK owns 100% of the rights to 3 projects in South Korea, including the Company’s
flagship Daejon Vanadium Project.

Stonehenge Korea Limited was renamed Korea Vanadium Limited some time back and 2 of the 3 projects, Miwon and Gwesan, were allowed to lapse during 2019 leaving Korea Vanadium Limited holding just the Daejon Vanadium Project.

According to the 2019 annual report since 1/7/19 there are no executives? Mr Tarratt was appointed as Non-Executive Chairman from 14/6/19, Mr Loxton was appointed as Non-Executive Director from 14/6/19 (later resigned as director from 31/12/19), Mr Wheeler was appointed as Non-Executive Director from 16/5/17, Mr Yu was appointed Non-Exective Director from 1/7/19 (later resigned as director from 31/12/19). Mr Foy was appointed Non-Executive Director from 31/12/19 (clearly to make up the numbers as listed ASX companies must have a minimum of three directors with at least two of them residing in Australia).

So the company has no Managing Director nor a Chief Executive Officer, so who is running the show? Buried in the 2019 Annual Report:

(c) Segment Reporting
Operating segments are reported in a manner that is consistent
with the internal reporting to the chief operating decision maker,
which has been identified by the company as the BoardI guess that explains the considerably low cash burn, there is not much to pay for as there pretty much is no-one there.

Expand

Ye mate, all Non-execs at arms distance from responsibility ... Clearly no one wants to stamp their name on this as a manager, leader, CEO because they might just have a few questions to answer down the track.

So who owns POW, does anyone know?

POW Price at posting: 0.4¢ Sentiment: Hold Disclosure: Not Held
Upvote

0 Great analysis

Reply

Top Stories

'We're looking': Nickel-rich Indonesia sounds graphite warning to Aus producers

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Making money: How many microcaps should be in an investor's portfolio?

Finance school vs reality: What they don't teach you about the stock market

The Altcoin Landscape (Part 1): Key alternative cryptocurrencies to watch