Glenn's departure may have been a product of the LDA deal...

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ktex7

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29/11/22

19:16

Post #: 65056423
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Originally posted by zacko92: ↑

I'm one of the many hurt shareholders that got blindsided by the announcements of the company.
They painted everything was on track, days later, mass exodus which crashed the share price.
I would love to have full transparency on what happened, but I doubt we will ever know what exactly caused the chain of events.
Our issues are caused by not having a back up plan and inaction to secure funds at the correct time.

Again without knowing internal discussions its hard to point a finger.
But the CFO should have known even without the slow down we had cash flow issues coming up.
We bought 100% of the project and failed to replace those funds.
They tried to replace the funds but failed with the LDA facility.
Which was so confusing and ended up being a terrible deal.
Who implemented the LDA facility and got it so wrong?
I see so much blame towards Bryan and Dave but nothing towards the CFO.
His sole responsible is managing the financial actions of the company.

However, in my view this announcement isn't as bad as most on here make out it to be.
We knew the LDA fees were due very soon. What short term options did the company actually have?
My initial thought was that a CR would be shortly after the AGM due to LDA fees.
I also thought the review would be much quicker. 'weeks not months'

After the AGM I could understand they want to take their time and get it right.
I then believed the CR would be after the review was done.

It's hard to pitch to shareholders without completing the review and not having a plan.
Although I would have preferred it going to shareholders, it carried risk.
Another thing to think about, would management also want to ask for a CR now and in a few months ask for another CR?

I actually think its better getting this 5m. Paying off the LDA nightmare.
Completing a comprehensive review and coming to market with a bullet proof plan.
I look forward to seeing this review.

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Glenn's departure may have been a product of the LDA deal but I guess many of us (me included didn't want to see that at the time) Glenn is still a Non Exec Director for Tata Steel. I find it odd that between him and Bryan a deal couldn't have been put together with TS.

HIO Price at posting: 9.7¢ Sentiment: Buy Disclosure: Held
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