No offence intended, but it is the same type of arrogance towards shareholders (that prefer to wait) that the Company exhibited when they decided to start the Proposed Transactions, and I will assume you were one of the "purported shareholders" that contacted the Company and had discussions with, making it plainly clear you wanted liquidity now.
Quoting a previous post:
After being questioned on the Corporate Transaction, Lowe (35:25 AGM recording) "we have had meetings and have had feedback from many shareholders. Broadly speaking, basically there are two types of shareholders, those that are happy to wait a year and there are many. There is also many that want liquidity ASAP and have made it plainly clear, it is why we undertook the process with Treadstone to deliver liquidity and value because they are frustrated they can't realise value for their shares."
~ In my opinion, the Company have not acted in the interests of ALLshareholders, how can they as there is clearly (as Lowe said) two types of shareholders that want opposing outcomes, hence it is not possible.Mr Fraser, I would like to know, why the Company chose the side of the shareholders that want everything sold to get their liquidity ASAP versus us mere retail mum and dad shareholders that want the cash returned now and the LLL shares returned post expiration of the escrow period?re: A butcher, a baker and a candlestick maker?
~ really, anyone of those hard working types singularly would (IMO) do a better job than the combined current Board of Directors, a Board that you by definition (by voting in favour) are condoning their performance and total decimation of shareholder wealth!
~ A Board that were the overseers of management that delivered an
after tax loss in Financial Year (2022) of $272,929,914 (page 27 Annual Report)
~ including the
$19,507,355 loss on disposal of investment (LLL shares: note 15 Annual Report)
The Current Board has totally lost my trust for a combination of reasons over a period of time, as previously stated the way they conducted themselves at the AGM was the final straw.
I do not trust them to limit the amount of capital being burnt through for what will be a nominal amount of return!
~ Being the "purported" sale of the 80% shareholding of Morila SA.
~ based on FFX's released 5B announcements, in H1 2023 alone, have spent circa
$3,975,000 in Corporate costs (primarily to identify a purchaser for the Morila Mine)
~ a very generous redundancy package to Scott Lowe, after 11 months employment that resulted in ?????
--- Lowe getting a generous redundancy package
and nothing else (to time/date of this post) -----
I do not trust them, if it comes to their "Plan B" that I will receive my ratio of LLL shares post escrow period .. ..
Basically because:
~ the expiration of the escrow period, coincides with the automatic delisting of a company after 2 years of suspension,
~ the Company is (regardless of what they claim) are not available anytime by phone, come into the office we are always available for shareholder discussion, etc. Their shareholder communications are (IMO) substandard at best ... ring the FFX office phone number and what do you get?
~ if communication with the Company is below par now, what will it be like if there is no governing body's rules and regulation (ASX) to abide by? if they are delisted?
Just FYI, you can pop in and flaunt your re: "
I along with a few other large holders have cast our vote,....(sic)"
~ its all about numbers, I will match your X amount of shares against 20 "mum & dad" small investors to negate your voting power! and it will still leave me with another 307 shareholders that have pledged support.
re: "(sic) ......... good luck to all of us for a speedy resolution."
~ IMO < I would hardly construe 8 months plus no end in sight as a speedy resolution!
Finally,
re: "(sic) ......
I have to say the proposed directors whilst I'm sure are very lovely chaps have zero experience when it comes to running a public listed company."
~ all I can say, thank goodness the don't have the experience of the current Board that has overseen the value of shareholders investment decimated !
I will take the three proposed directors, being the butcher, baker and candlestick maker types of the directorship world any day over your experienced directors, as they put food on the table (butchers and bakers), and gives me light at the end of the tunnel (candlestick maker)
cheers
