Ann: Kullstedt Exploration Licence Extension Granted, page-30

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kansaskiwi

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05/12/22

17:06

Post #: 65159611
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Originally posted by Tipton: ↑

The chairman of this company has been successful in massive value destruction over the past 3 months and must go.
Eighteen months ago a simple and effective plan was implemented before he was appointed. This was to drill the first South Harz property and then market the results to potential funding partners to either JV or buy outright.
For some reason the chairman decides to sack the MD,Chris Gilchrist, who is uniquely qualified to carry out this process having run a successful potash business for Anglo American.
They then indicate to the market that SHP will actually go it alone on development which can only happen with massive dilution and repetitive
share issues.
What a joke!
If the board is serious about recovering the situation they should
1.Remove the chairman;
2.Appoint Gilchrist as an adviser to assist in finding a strategic partner;
3.Make it clear that they are not about to build an unsustainable head office in Germany.

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I don’t think you’re being entirely fair there. Much of the markets reaction was to capex AND timeframes. Having a strategic partner would offset one of those. Having skin in the game locally can surely only assist with local support and permitting. Other ASX listed companies are making an EU footprint work eg TLG with 300m Euro EIB loan inbound.

SHP Price at posting: 4.5¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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