Infinite Green Energy (IGE), page-35

Yes, it does concern me, although in Peter Coleman's case, I'm not entirely surprised. His responsibilities as chair of Arcadium headquartered in Philadelphia, must be considerably more time consuming than his role as chair of Allkem ever was. He currently holds 3.45% of IGE according to VCEX records, so I will be keeping a close eye on the register to see if he disposes of some, or all of that, which would be a very bad sign (assuming he could find some way to do that?).

What concerns me more, is that IGE lost 3 of their 5 board members (all non-executive holders) and the only remaining original board members are the founder and co-founder. As @alpamayo pointed out, aside from Prof. Dongke Zhang, the other new members are all company related. Whilst this is not unheard of, it's not ideal. Stephen's update is a little confusing, as he stated:

"So, in light of this shift, Peter, along with our current non-executive directors, have decided to step down and pass the baton on to a new set of non-executive directors."

From what I can see at this point, Prof. Dongke Zhang is currently the only non-executive director, as I can't see how you can have company executives on the board in other than executive director roles. If they are to be considered non-executive, then their 'independence' is highly questionable and raises a governance issue. I'm happy to be corrected on this.

On the positive side, if the CEO can actually get this USD25M capital raise with US Capital Global (USCG) off the ground at USD1.55 per share, then that would be a good sign. He has managed to partner with some fairly solid players in the energy game (Doral Energy, Samsung C&T, Axpo), and has good support at State Government level, setting aside the current issues with Northam Shire approvals for MEG HP1, which now sound like they will probably be resolved over time.

So I will be looking out for an update once the cap raise is concluded, that tells us exactly how much was raised and at what price. Right now there is nothing showing regarding IGE on the USCG website, and they don't exactly look to be a big player in capital markets. So we have to give it some time to see how this plays out. However, right now, I'm more than a little sceptical.

In my opinion, it's a pretty mixed bag and the board issues are a little concerning. I wonder what their partners in these projects think about the current situation? Peter Coleman as Chair had certainly provided me with the confidence to invest in the company in the first place. I personally am sad to see him go.