Just a reminder that if you intend to vote at the AGM using the online the form, it needs to be submitted by 9.30am (WST - Perth Time) on Wednesday 16th November 2022.
Also, as per my post referenced above, keep in mind that we already gave away 2.82% of the company in January for performance targets which have not been achieved. They are now asking to increase their performance bonuses to 18 million shares or 5.65% of the company. This is significant additional dilution and every shareholder will be impacted by this as soon as it is approved (i.e. most valuations are done on a fully diluted basis which means they assume that all outstanding options and performance rights are going to be executed).
Given that the directors want their performance to be assessed based solely on the share price I think it is fair to say that their performance to date has been abysmal. Galan continues to be one of the most (if not the most) undervalued lithium stocks on the ASX given the size and quality of the resource.
Also, keep in mind that many milestones have been missed by a significant margin. For example, they have previously reported that Candelas drilling would take place in Q2-3 of 2022 and that a Candelas JORC Update will be delivered in Q4 2022 - none of this work was mentioned in the Quarterly update so I guess it's off the table for now. Also, Greenbushes drilling was supposed to be Q2 2022, then pushed back to Q4 2022 and is now targeted at Q1 2023 - though I won't hold my breath here. Also, the HMW DFS was supposed to be delivered in Q3 2022, then Q4 2022, now it's late Q1 2023 (the latest delay seems to be due to the larger than expected resource upgrade that needs to be incorporated - which seems reasonable). Now small delays don't bother me too much, it's just that these are turning into fairly significant delays which is indicative of poor planning, lack of experience, and therefore poor performance.
These are just my thoughts... I'm more than happy to pay for exceptional performance but it needs to be linked to delivering additional shareholder value which would not have otherwise existed (i.e. not just because the price of Lithium is mooning).
You can vote online here: https://www.advancedshare.com.au/
The meeting resolutions are described here: https://www.asx.com.au/asxpdf/20221013/pdf/45g83nblkdk88r.pdf
You may have also received an e-mail from the registry with a "Vote Online" button - this may allow you to vote without having to setup an account with Advanced Share Registry (I didn't use this option as I already have an account setup).
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Price($) | Vol. | No. |
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