It was a year ago
I compared the market cap of GT1 vs ADV
“End of trading first day of GT1 listing values it at $75M market cap (10nov21); on the same day ADV finishers with $28M market cap.”
A year later
ADV Market Cap $24.01M
GT1 Market Cap $266.6M
GT1 Market Cap has grown 3.5times
ADV Market Cap has shrunk to 85% of what it was.
The task of any BOD of a publicly listed company is to increase Net Present Value in the form of increasing Market Cap for shareholders.
Some people have mentioned Fiduciary Duties of public company directors .
I found a good source of info here, directors & shareholders must understand what is a legal requirement of directors to shareholders.
Google search “hallandwilcox” & “legal obligations of directors of Australian companies”
https://hallandwilcox.com.au/thinking/legal-obligations-of-directors-of-australian-companies
Duty to act honestly
Duty not to improperly use insider information or position
Duty to avoid a conflict of interest and to disclose material personal interests
Duty not to abuse a corporate opportunity
Duty of care and diligence
Duties owed to third parties
Duty not to engage in insolvent trading
Duty to keep proper accounts and records
I’d like to ask the question:Isn’t every director on the board of directors of an public list company is responsible & liable if one of the other board members has failed their Fiduciary Duties and fail to act upon it?
It seems odd that each time when ADV assets that have been traded to GT1 it has resulted in GT1 increasing in market cap whilst ADV diminishes in market cap.
As I mentioned 11/11/21
"ADV with Gold exploration, Jumbo graphite flakes & Lithium had a Market cap $28M.
ADV with Gold exploration, Jumbo graphite flakes (without Lithium) still has a Market cap $28M.
GT1 with ADV’s former Lithium assets is worth $75M at the end of first days trading."
24 October 2022 Agreement (ADV) to sell Lithium JV interest for up to A$18.5 million (to GT1)
ADV Retains a 5.14% equity holding of GT1, valued at ~ A$10.8 million, escrowed until November 2023
16/09/22 (Reuters) - Ardiden Ltd (ADV) :
Robin Longley has resigned as Managing Director and CEO of company, effective 15 sept
From GT1 annual report 29/09/2022
https://wcsecure.weblink.com.au/pdf/GT1/02574679.pdf
Mr Robin Longley (appointed 3 November 2021)
https://www.greentm.com.au/directors
Robin Longley
Non-Executive Director
Geologist with extensive experienced in global resources across gold, nickel, cobalt, lithium and iron ore sectors. His experience includes Managing Director of Helios Gold Limited and before that was General Manager Geology for Sundance Resources in Africa from 2007 to 2015.
Rob has an impressive track record of successfully managing and executing exploration programs in difficult and remote locations and delivering progressive results and Mineral Resources to bring shareholder value and underpin the development of mineral projects.
Rob is well-respected in the industry for his professional integrity, his resource growth achievements and commercial leadership.
So Mr Robin Longley appointed 3 November 2021 as a Non-Executive Director to GT1 whilst being Managing Director and CEO of ADV.
So can the other directors of ADV defend their former Managing Director and CEO that:
Duty not to improperly use insider information or position;
Duty to avoid a conflict of interest and to disclose material personal interests;
Duty not to abuse a corporate opportunity;
were not breached.
Existing ADV shareholders didn’t get given of free shares of GT1 when the Lithium assets were spun off & not all existing ADV shareholders were able to purchase shares in the Priority GT1 IPO.All ADV directors ‘filled their boots’with GT1 shares in the GT1 IPO. The whole process stinks.
&
In closing how quickly was this new ADV thread buried in hotcopper back in 11/11/21.
I think the gold is promising & worth sticking with ADV for now
(20min delay)