Exemplary work as usual mate, bit worried and confused .. .. .. you stalking me or am I stalking you,
What I don't concur with:
re: "
Luke has skin in the game and is fully committed to the company's success, which is demonstrated by his decision to relocate from Melbourne to Perth with his family and aligning a significant portion of his salary package to options (worthless unless they hit the 68c strike price)"
~ As per his Initial Director Interest Notice, the only shares he currently holds are the options issued to him as part of the Company's ESIS.
~ His base salary is on par with the exiting Managing Director (Richards) @ $350,000 pa plus statutory entitlements.50% of his options will vest on 1st January, the share price will need to appreciate 140% from the current $0.285, if he was to convert all these @$0.685 he will inject $1,712,500 into the coffers of Mi6.Personally I think he should be granted a little slack for the calls of him buying shares, he has only held a position in the Company since 1 July and although given $20,000 as assistance to cover moving to Western Australia, I would suspect it would have cost substantially more to execute. As for the grumbling of shareholders re: issue of options to directors; my personal opinion is issuing options far exceeds issuing Performance Shares, options when converted puts cash into the coffers whereas performance shares are plain freebies. If all the directors options (5m) are exercised (@$0.70), that will add a further $3,500,000 to the bank account. Currently, 16.29% of SOI is owned by management / board, which I opine is quite acceptable, it also doesn't account for David Goyder holding 1.62% across 2 accounts. ** Just a question for anyone, were/are Kluck Drilling the contractors used?; as they have 2.72% across 2 accounts.Only 33% of eligible shares were voted at the recent AGM, with the main sentiment indicator (IMO) being the Adoption of the Remuneration Report, to this end, it was an absolute landslide 99.11% voting in favour. Interesting to note, there was more voting against the issue of options to directors with circa 13% against all resolutions. I also note that the 10% Placement facility was approved, with the Company having 234M SOI, the 15% capacity means the Company can issue 35M shares without shareholder approval and a further 23M under the additional 10% facility, equity issuance for acquisitions??As per the September Quarterly cash flow report, the Company still has $3.3m of available funds for future acquisitions as per the prospectus Use of Funds schedule. Share price performance, not much to add to this as it has been under pressure, but @scratchin4coin I don't necessarily believe it was eMetal selling their holdings, they currently have $4m cash/cash equivalent, run the company on a shoestring and only have reconnaissance and mapping planned for the current quarter.
Their holding came out of escrow 24 September, and there was hardly any change to volume patterns up until the 6 October, whereas White Cliff Minerals holding were released from escrow on the 6 October, there was some higher than usual volume days and given that WCN has a higher spend rate, and only had 1.45 quarters of funding ($1.65m) available, it may have been them offloading some?
As they have less than 2 quarters of funding available, they had to account for how they were going to be able to continue operations, in answer to item 8.8.2 of their cash flow report --- the Company has $5.04m cash and listed share investments and is able to liquidate those investments for working capital. Since the 30 September (quarterly report period) to the 6th October (shares released from escrow) their holding depreciated somewhat from $3.2m - $1.99m, they may have panicked sold some?
@xfactor1 thanks mate, down into the worm hole of ASX companies you have sent me lol .... I'll drop you a line soon re: the other mob.
Lastly, one of my pet dislikes ... Less than marketable share sale facilities avenues that Company's take, although I suspect in Mi6's case, these were residual of the in-specie distribution from LTR as the facility was announced in March 2022 after being listed for only 5 months. In this instance, I will say it was being prudent to minimise costs versus me normally ranting. cheers
Some other thoughts:
A turnaround of the price to book ratio needs to happen as I am still on the sidelines, I personally consider a PB ration lower than 3 but ideally closer to the industry average as a good value point to invest, the rest will follow .. .. ..
Expenditure is consistent, and within the tolerances of scheduled use of funds from the IPO, but there has been some exceptionally high quarters relating to Corporate costs and staff costs .. .. .. ..
No sure why there are grumblings about the Company doing some work, maybe get the blinkers off and have a better read of activity reports?
Top holders are holding strong:
(20min delay)