I have been requested by several holders to clarify my views and provide some input. In the spirit of transparency and open communications I have attached my responses here for all shareholders to view. The following was my reply:
Dear Xyz,
The clear step change for BGS is going from explorer to development & operation. This requires completely different sets of skills which I believe current Board members do not possess.
It is one of many reasons I am humbled that James McKay is happy to offer his services alongside mine, as there are few people that can demonstrate taking a sub $20 million company and selling it for $1.2 billion.
On a personal level I did strongly advise the BGS Board against entering into a negotiations with Ruifu, let alone agreeing a sale of the Company’s prize asset.
I also offered to approach other potential bidders on behalf of BGS (I had two good names interested) and the messages sent went unanswered by Winton etal.
There are several other confidential matters that occurred that I did not believe to be in shareholder interests and may have destroyed shareholder value.
These are the key reason why I have decided to support this action.
Please find responses below to the questions that I am prepared to answer. I have deliberately left some of your questions unanswered as I do not wish to comment on these matters.
Kind Regards,
Michael Langford
I would appreciate if you could elaborate concisely on these questions:
What do you propose to do differently, and
Clear timetable on priorities;
Consolidate existing Chinese relationships & bring in a Chinese mining group as a strategic partner. It’s my view that this is not possible with the current Board in place.
I know a significant proportion of the Chinese groups involved in the lithium sector and can navigate the landscape and close deals with good names; as I have done in the past.
Have been involved in commodity operations for 20 years in a variety of functions and understand both the internal and external requirements from accounting / legal / operations / marketing / sales / corporate communications;
Clear corporate communication plan with regular updates;
Engagement with institutional investors
Ongoing and continuous coverage of the Company by quality brokers;
How will it drive growth?
Company should be re-valued from its current share price levels. Its my view that the current discount is market confidence related with regards tot he current Board.
Bring in new major holders / strategic investors to enhance the company’s register
Provide confidence to the market that the project will be delivered
Gain relationships / coverage by major brokers / for positive valuation re-ratings of the stock.
Please list your recent success and relevant knowledge on Lithium or hard rock mining?
Please refer to the notice to shareholders when issued by the Company for further information.
Kind Regards,
Michael Langford (aka Super Ninja)
BGS Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
