VUL (ASX) Ann: Notice of General Meeting/Proxy Form

Originally posted by hvacgeek ↑

Francis Wedin made contact yesterday regarding my email.

https://hotcopper.com.au/threads/ann-notice-of-general-meeting-proxy-form.5542769/page-2#post-46480631

I’m recalling a phone call without notes but I’ll do my best. I have no intention of verballing Francis so please take my recollection as that. A recollection.

Francis was keen to incentivise Horst and Gavin considering their comparatively low salaries for the work they are doing to ensure they had a larger stake in VUL in lieu of low pay. He saw that as a way to maintain the pace that’s needed to keep to the aggressive timelines they have set for Vulcan. I reminded him I had no objection to the share issue or reference price multiples but my concern was the stretched out timelines for these incentives to kick in. Francis responded that there is nothing he can see that’s in the way of a PFS being released before the end of this year. He was really happy with the bench scale results and has been a great start for them in the PFS process.

Francis also mentioned the “uncertain times” we are in, and while he is not aware of anything preventing DFS being on schedule he wanted Horst to have some certainty in his incentivisation. “No one has done this before” was his emphasis. I guess we all need to keep that in consideration.

As far as Gavin’s Class J rights, I said “It’s not a good look. Three years from now with a 75 cent share price and Gavin gets a million shares”. Francis reminded me that “we were the same”. We’re both shareholders in the company. And as the largest shareholder with the most on the line he sees this as the best and fastest way forward. He spoke very highly of Gavin and the behind the scenes work he is doing. I still told him it just looks like “money for jam” with no real performance attached to it. Oh well, I had my say.

I had a chance to ask him a couple ofsupplementary questions.

Q. The bench tests were very positive but they were at ambient pressure. Are you confident the same level of DLE will occur under the high pressure the geothermal brine brought up at and reinjected?

Francis: Yes. We will probably be reducing thepressure a bit but the main thing is to keep oxygen out to prevent scaling.(I left it there as I was out of my depth. I might not have quoted Franciscorrectly here but the gist of it was positive).

Q. How are Australian companies like Vulcan Energy Resources perceived in Germany? Would it be in Vulcan’s interest to be fully based there? (I asked this as I believe greater acceptance in EU of VUL is in all our interests)

Francis: Generally, Australian companies arewell regarded over there. We are looking at creating a German language websiteetc. to build our presence seeing as that is where it’s all happening. We eventuallysee a full listing in Germany but none of this will be to the detriment ofAustralian shareholders.

Also, https://v-er.com/contact-us/ has not been working for a few weeks. They have only just found out today after I emailed again, this time Francis directly. If you have sent anything in this way, best you resend it using [email protected]

Finally, I got the clear sense that Francis Wedin is on a mission. But I still have reservations about Class K rights, I’ve had the chance to have my say. I do not like them Sam I am!
For me (more so Francis) it’s about time to market. Francis sounds convinced these performance rights will help speed that. If that’s how it pans out we all arrive sooner as shareholders in a profitable company.

Cheers

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Your update is very much appreciated.....

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Last $3.46		Change 0.000(0.00%)		Mkt cap ! $595.3M

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Last $3.47		Change 0.000 ( 0.37 %)
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Last updated 10.55am 08/05/2024 ?

Your update is very much appreciated.....

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