" In the middle of construction a new ‘interim CEO’ has been appointed which has resulted in the CFO, COO, Legal Counsel, Project Director, and most likely many others leaving the company in a very short space of time."... wow, just wow if true. The CFO leaving at this crucial juncture was a terrible look with finance/funding in the middle of negotiations, but in isolation could have been just a selfish act of opportunism. The odds of so many important roles all jumping ship (and remaining unfilled as you say) speaks volumes for where the project/management/confidence/share price is at unfortunately.
I haven't followed this stock closely, but did look up the interim CEO appointment after yesterday mistakenly assuming he was a replacement, which he wasn;t. Executive chairman Charles Lew was bolstering management experience, rightly so given the scope and scale of project funding/finance/contracts/build etc required at this stage. Lew's quote from the the appointment release makes it clear he understands how essential a strong management team and org structure is...
“The company is approaching the milestone of main construction commencement and, at the same time, we are positioning the company to become a global player in the downstream market for rare earths magnets,” Mr Lew said.“It is therefore essential that we strengthen our management team and organisational structure for this next phase of our development and ensure that we are well-prepared to steer the company forward.”
Shocking as this situation seems, the big question in my mind is what has frightened the horses to bolt? Is it because from the inside the project doesn;t look robust enough to hitch one's effort and reputation on, that the company is a S#@%$ow and individually they all needed to just get out, untenable interference from the top.... all of the above? We don;t know of course, but the share price has been whispering somethings wrong for a long time and shouting to the rafters recently. Whatever is wrong, as usual, retail's always the last to know...
Hope it's mostly just personality clashes, which can be resolved and allow value to be restored at some point quickly.
GLTAH
Expand
(20min delay)