GLN

3.03%

17.0¢ galan lithium limited

Agree with this.There needs to be some changes at board level,...

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shiok

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356

07/02/24

16:39

Post #: 72288481
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Originally posted by Tigerthecat: ↑

What has shocked everyone was that the company was stupid enough to run its cash down to $6m, just one month’s spending at current levels. And they did so in a severe bear market. It they knew that they didn’t have enough funds to build this pond they should never have embarked on this strategy, or they should have raised sufficient funds late last year.

It was an unbelievably reckless thing to do. But the warning signs were already there last year, when they started spending shareholders funds on the chairman’s speculative projects in Canada, and gambling on other speculative stocks, like TG Metals. This was at a time when they knew the cash flow forecasts pointed to a serious problem at the beginning of this year. They put out an upbeat announcement in November in which the MD described this as “a low risk strategy”. We now know this was far from true, and they were quite needlessly taking this company down to the wire. Now it has blown up in their, and our, faces.

The whole board has to take responsibility. They already had a lot of critics last year, as it was clear there was no proper depth to management. The problem is that a lot of larger serious players will now regard Galan as simply un-investible. They will never believe another presentation or trust the company with their money. There is plenty of competition for funds. Who is going to buy these shares in volume to take this stock back up?

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Agree with this.

There needs to be some changes at board level, starting with the Chairman.

A fish rots from the head down.

GLN Price at posting: 31.0¢ Sentiment: Buy Disclosure: Held
8 Upvote

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Last 17.0¢		Change 0.005(3.03%)		Mkt cap ! $80.57M

Open	High	Low	Value	Volume
17.0¢	17.0¢	16.5¢	$420.7K	2.493M

Buyers (Bids)

No.	Vol.	Price($)
5	334361	17.0¢

Sellers (Offers)

Price($)	Vol.	No.
17.5¢	259700	6

View Market Depth

No.	Vol.	Price($)
2	325000	0.170
8	326201	0.165
15	566113	0.160
8	1790439	0.155
12	596450	0.150

Price($)	Vol.	No.
0.175	259700	6
0.180	144433	5
0.185	120000	2
0.190	58077	2
0.195	32600	2

Last trade - 16.10pm 28/06/2024 (20 minute delay)

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