Voting against the remuneration report was always to do with board representation and they did that for around 7 years bar 1 year, I think 2022. I always had the opinion that ECE wanted the project to be sold and them walking away with their share of the proceeds. All the delays put paid to that IMO.
Clearly by not being involved in the CR they will be further diluted and that also tells me they still want out. If they sell the remaining holdings to Apollo after the CR then they will hold a scary amount of this company.
Depending on how they intend to finance phase 1 and 2 (and they purchase ECE shares) they may see no further value in an ASX listing which is another of my concerns. Delay after delay has plagued this project and without those delays I would almost certainly still be holding all the shares I had. Most delays lay with the government and with the affected people moving progress has been given scant reporting I fear more delays are in the pipeline.
I hope I am wrong. I watch with interest and would buy back in if sufficient progress is made and the investment looked safe as niobium is a key resource
Good luck to you all
GBE Price at posting:
4.0¢ Sentiment: None Disclosure: Not Held
