Ok, guys, it's 2:30 in the morning, but I have just completed the (draft) of Chapter 2 :
*Note, I have made quite a few amendments to
chapter one and am happy to re-post the amended version, or just wait until I publish the whole thing pending HC CNB Thread Board of Directors approval (
@gottalove ,
@Siva108 ,
@name,
@Artvandelay01 ,
@bond00what , and
@rusty388 )
Chapter 2:Management's Composition / Background & “Skin in the Game”
Directors
PeterBowler : Independent Non-Executive Director, Chairman
GregBarrett : Independent Non-Executive Director
PaulPayne : Independent Non-Executive Director
RobWatkins : Managing Director
TheManagement of CNB comprises of highly experienced team within themining exploration industry with a resume of
greatsuccesses.Both Peter Bowler and Rob Watkins originate from the Management Teamsof the highly successful mining companies Beadell Resources andAgincourt Resources, underwhose his leadership the companies grew to a peak marketcapitalisation of approximately A$800M and A$500M respectively.
BeadellResources Limited was a gold development company. The Company'sprimary asset was the Tucano gold project located in Brazil. Beadellalso has an extensive portfolio of gold exploration tenementsthroughout Australia and Brazil including the prospective TropicanaEast Project located adjacent to the Tropicana gold deposit
Thefirst full year of operations at the Tucano gold mine in Brazil wasan outstanding success for
BeadellResources.Full year production of 182,000 ounces resulted in revenue of $250mand net profit was $114m, translating to earnings per share of 15cents. In 2012, BDR's share price reached a peak of $1.08.
However,after Peter and Rob waved goodbye to Beadell, this is what happenedto their share price:
Andthereafter:
DuringPeter and Rob's time at Beadell, BDR's share price reached a peak of$1.08.
PeterBowler served as Managing Director from the company's founding dateof 03/05/2007until his resignation on 10/11/2015.
RobWatkins also filled his role as Executive Director between 03/05/2007and 10/11/2015.
GregBarrett, CNB's current Non-Executive Director, also served onBeadells Board of Directors for a one month period between 03/06/2007 and 31/07/2007 (But not sure as to why only one month)
BeadellResources started as a tiny $15 Mil IPO in 2007, and under Peter andRobs successful leadership, reached its peak MC of 800 Mil …
WOW!!!Almost 1$ Billion!!
Wantto know how the BEADELL story ended? Itwas successfully aquiredby Canadian silver miner GreatPanther Silver Limited (NYSE:GPL)in Febuary, 2019. Theexchange ratio implied consideration of 8.6 cents per Beadell share,giving an equity value for Beadell of around $144 million.
Now,How about Agincourt Resources?
Peterserved as foundingManaging Director of Agincourt Resources Limited from 2003 to 2007and Rob as ExplorationManager during the same period.
AgincourtResources Limited was a gold mining exploration company whose primaryexploration project is the Wiluna Gold Mine in Western Australia, a110,000 ounce per year producer, and had a 57 percent stake inuranium group Nova Energy Ltd.
NEL.AX.
AgincourtResources (AGC) drilled for diamonds in Brazil, mined gold in WesternAustralia and spun off uranium company Nova Energy (NEL) of whichAgincourt owned 57 per cent. However, the most significantdevelopment happened after year end when Agincourt completeda
companytransforming transactionby acquiring the Martabe Gold and Silver Project in Indonesia for$US80 million ($107 million) from Newmont Mining (NEM). Agincourtmanaging director
PeterBowlersaid the project had initial resources of 5.3 million ounces of gold.But investors were unimpressed and Agincourt shares plunged 28 percent to $1.20 on the day the deal was announced. Shareholders havetwo concerns. First, the transaction was funded by a $100 millioninstitutional placement at $1.15 a share - a 23 per cent discount tothe 30-day volume-weighted average price for the stock of $1.49.Bowler said it was important to complete the acquisition irrespectiveof volatility within the equity markets at the time. The secondconcern was why Newmont sold the project if it was as good asAgincourt claimed. Bowler said Newmont found it expensive to runcompared with its other projects. Agincourt has redesigned the plantto produce about 270,000 ounces of gold each year and the managementteam is convinced it will transform the company.
TheSP ened up SOARING to over $2.00 !!
Afterbeing acquired in May 2007 by Oxiana Limited, AGC had a closing priceof $2.03 (from its lowest share price of 88 c)
Sobesides Rob and Peter, who else is on the Board of directors?
MrGreg Barrett:
MrGreg Barrett was appointed as a non-executive director of the Companyeffective 12 March 2020.
“Theaddition of Mr Barrett to the Board reunites the original team whofounded Beadell Resources Ltd, which grew from a $15M IPO to a peakmarket capitalisation of ~$800M and prior to that, AgincourtResources Ltd, which grew rapidly before being acquired by Oxiana forapproximately ~$450M. As previously stated, the Company considers theappropriate of number non-executive directors to be three” (Peter,Paul and now Greg) – (Remember, Rob is the MD, not a non-executivedirector)
MrGreg Barrett assumed the role after the previous non-executivedirector, Justin Tremain, resigned.
TheChairman of Carnaby, Peter Bowler commented: “Greg’s deepindustry knowledge and his corporate, financial and negotiatingexperience will complement and enhance the Board’s existing mix ofskills and experience. As the Company potentially enters an excitingnew phase of gold production, I look forward to working with Gregagain as we continue negotiations with numerous 3rd parties. I wouldlike to thank Justin for his contribution to the Board over manyyears. Justin has been instrumental in a great many of the Company’ssignificant achievements. We wish Justin well for the future.”
“
Skinin the Game”:
Nothingsays it better about the future potential of a company than theinvestments of the Management Team in the company's success... CNBManagement could be said to be “Highly Invested” in CNB futuregrowth!! Our Management Team are some of the TOP Shareholders in theTOP 20 list and collectively own a whopping 14% of CNB...
|
Column 1 |
Column 2 |
| 0 |
|
|
| 1 |
Rob Watkins
|
4,227,752
|
| 2 |
Peter Bowler
|
4,227,752
|
| 3 |
Paul Payne
|
75,000
|
| 4 |
Greg Barrett
|
4,227,752
|
| 5 |
|
12,758,256
|
Note,These figures exclude additional shares to be added by Tranche 2 ofthe Placement... EVEN MORE “skin the game” + $350,000 (1.2million shares) - Issue of Tranche 2 Placement shares (subjectto Shareholder approval) at a general meeting. The general meeting toapprove the Tranche 2 Placement is expected to be held at the end ofOctober 2020.
PutSIMPLY: They own more shares in CNB than Anybody Else !!, and willsoon own even more!
The above onlyincludes Listed Shares. But in fact, the Directors own A LOT morethan just on-market shares (I,e, Unlisted Options)
So Summary:
PeterBowler: 4,277, 752 shares + 3,000,000 Options (2 mil @ 0.09 + 1mil @ 0.10)
RobWatkins: 4,277, 752 shares + 3,000,000 Options (2 mil @ 0.09 + 1mil @ 0.10)
GregBarrett: 4,277, 752 shares + 3,000,000 Options (2 mil @ 0.09 + 1mil @ 0.10)
Paul Payne : 75,000 shares + 500,000 Options (500k @ 0.001)
* The 6,000,000issued to Peter, Rob and Greg expire April, 2024 (Plenty of time tomake them worth Hell of a lot more)
@namesaid “Ilike management with skin in the game as it obviously gives themincentive to take the company to where it can and should be. Theirvision for the company is
rapidgrowth andthey are clearly not a lifestyle company as they even took a 20-50%pay cut during COVID. From past announcements it's obvious that theyare measured in their approach and always seek out the best solutionsfor the company”.
*And please, If I got anything wrong, or you have additional information to include, please let me know
(20min delay)