The latest ...A bit more breathing room, which is good news, and should give the administrators and bankers time to work through the issues and see if a deal can be made. The DOCA process takes time, but can be successfully negotiated, assuming a majority of creditors are willing (on the published timeline, creditors meeting to be held on or before 22 May 25). Then it's a matter of whether, or not, enough investors are willing to pitch in to recapitalise the company.
As for the "unreasonable director-related transactions" and 'uncommercial transactions', I hope these are fully investigated and if at fault, that the CEO and directors are held liable. Far too many company executives get away with this sort of rubbish, while destroying millions in shareholder value."It also makes one wonder if things could have been different had Coleman been involved a lot earlier, IGE may have been able to strike whilst there was some momentum behind green hydrogen and made the ASX listing that a lot of shareholders would have hoped for. We will never know though."
FYI ... Coleman served as Non-Executive Chairman from 30 August 2021 until 'stepping down' in April 2024, along with the two other non-executive directors, Chris Salisbury and Tim Lester. It's now looking like there may well have been a difference of opinion at board level, with Gauld using his majority stake to force them all out. None of them made any statement on stepping down and Gauld's statement: “IGE is continuing to evolve as a business, which creates the opportunity for board renewal to position the company for its next phase of growth,” seemed somewhat improbable at the time, given they all resigned in unison. Let's see what emerges as investigations unfold in the months ahead.
Coleman remains the third largest shareholder in Infinite Green Energy (according to VCEX top 20 records), hence his interest and focus on reviving the company. Not to mention that many of us invested on the strength of his being involved as Chairman, giving the project more credibility than it may otherwise have had, of which I'm sure he is well aware.
It's a difficult environment for hydrogen projects at the moment, so it will not be an easy task to move this forward. However, I'm hoping that with Peter Coleman as Executive Chairman, he can work his magic and keep the project alive until things improve.
