Shareholders wanting to vote in the AGM need to do so before COB Thursday.
IMO the most important issue is the vote for or against the Chairman, Asimwe Kabunga.
Having now done lots of research and spoken to other shareholders, brokers, instos, etc, I believe LIN will get a significant re-rating if the Chairman is voted out and a proper, experienced Board can then be put in place.
Despite the fact that Kangankunde is regarded as a globally significant Tier 1 asset, it is abundantly clear that instos/BEOT are not going to support us with the current mgmt/Board in place (which has been handpicked by the Chairman from people who have worked for him in his other companies).
IMO none of the Chairman's companies have even close to being successful. They are not properly funded and not producing anything.
VRC M/C from approx $150m to $12m
RMI $75m to $5m
AKN $40m to $2m
LIN $500m to $100m
Despite their market caps being smashed, Asimiwe has continued to reward himself with rivers of cash and shares.
As reported on HC, he has taken out wages:
VRC - $220K
RMI - $342K
AKN - $235K
LIN - $276K
=$1,073,000/yr. plus over $2m in share payments every year (i.e. approx $3m/yr)......?
Looking specifically at Lindian, despite the fact that the MC is 80% down, Asimwe has significantly increased his remuneration. I am directly quoting from the LIN 2024 Annual Report:
in 2023 he took cash and share based payments of $926,842, however, in 2024 he took $1,162,786. This represents a 25% increase over 2023 for himself while his company's MC was down by 80%!
IMO the only thing that the Chairman "mines" is shareholders' funds (for his and his Directors' benefit)?
IMO Further proof of the desperate need to remove the Chairman and improve the mgmt/Board is provided by the lack of success in securing funding.
Despite the fact that Lindian has a superior Tier 1 resource, Arafura has secured $1.55 Billion in funding and Iluka $1.25 Billion (amongst others).
In contrast Lindian is having such trouble getting only $60 Million! (i.e. 5% of ILU).
IMO this speaks volumes and reinforces the market's belief that it will not support LIN until there is a suitable mgmt/Board in place.
IMO, given that the Chairman is finally up for re-election at the AGM in a week's time, this is our "last chance cafe" to vote him out and set Lindian on the path to real success instead of a slow moving death like his other companies seem to be moving towards.
As the company has repeatedly stated, Lindian is fully permitted and all licenses in Malawi are in place and not dependent upon the Chairman.
Moreover, the Govt and people of Malawi want and need this project to be funded go ahead.
That is far more important than any relationships that the Chairman may or may not have (anything else are just scare tactics from someone on the gravy train).
Maybe there's even another scenario whereby the Govt are putting pressure on Lindian to keep the project by meeting the promised timing which keeps slipping further and further back due to the inability to secure $50m or $60m in funding?
I and many other shareholders believe that this is now our last chance.
This can still be a huge success but only if we vote before the end of Thursday?
Let's get this back on track!
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