Long Term Holder since early 2014, first time poster.
Apologies in advance for the long winded message but got a bit to cover.
While I respect everyone’s right to make their own decision, for me it’s got to the point where I need to have my say and let others know my view.
For anyone not sure which way to vote yet, I implore you to go back and watch the enthralling interviews provided by PB and JE, along with the Small Caps promo from PB and then compare that to any or all of GW’s presentations (you can request copies via
[email protected]).
Both PB and JE failed to address their plan for TNG / Mt Peake moving forward. All they did was cast disbursions on the motives of “a small minority of shareholders that own less than 9% of the company”.
How does that 9% compare to the ownership % of the current BOD? It’s less than 1% - that’s right less than 1% yet a key point of the incumbent board is to attack the minor investment of the CMT. It’s hard to believe but it’s on public record, more than once!!
How about some updates re the most recent timeline promises not met? Clough fixed price, CLC progress (a very noticeable absence from PB and JE’s presentations).
PB - How about you hold an open Ask Me Anything session, where real questions can be put to you by real shareholders with skin in the game, rather than Kerrie trying to make your own scripted questions seem legitimate?
Surely if you want our vote you should at least be transparent and answer real questions, asked in real time without any planning and scripting? What of the Vanuatu deal? Another absence from your update. If it’s false I know I would be on the front foot totally dismissing it but your silence is deeply concerning.
Like most LTH’s I have sat quietly while we endured years of missed timelines and misleading promises with no accountability.
When SH tried accountability via the Browns first 249d you misused your positions to buy votes with discounted shares (surely not acting in the company’s best interest!!) or at AGM’s you hide behind zoom webinar and screen your questions. Funnily enough none of the hard questions made the cut.
I am a very patient and trusting man. So much so that I haven’t posted in 8 years. Furthermore I am so trusting that I took your word PB in all your ASX announcements to be honest.
Now before you think I am being too hard or opinionated - consider these facts on public record and provide your answer or suggest an alternative answer to my questions posed.
For PB to be
- Presenting slides proposing construction to begin 2014 (prior to my investment but I’ve seen the slides)
- stating last cap raise until FID back around 2015-2016.
And for us to be sitting here in late 2022 (that’s right late 2022) with both still a long way away depending on CLC approval as we know finance won’t be FINAL / FID until all permitting is complete.
This to me can only mean one of two things.
1. PB honestly believed those timeframes as released to the market, or
2. PB knew these were not achievable and was being misleading at best?
If the answer is 1 then PB is clearly out of his depth and should never have been in this position in the first place, let alone survived for so long (thanks Vimson).
If the answer is 2 then enough said. Please resign ASAP so us hard working SH have a chance.
GW is articulate, has his own money in the game, has provided more time to SH already in his short public stint than PB in my 8 years. Furthermore, GW has a plan moving forward for SP appreciation.
For anyone in any doubt as to recent SP rise this is all about people now seeing potential of the project being delivered by the CMT (refer refer post from JA20 as a new T20 holder with his 7m shares as an example).
PB has been talking for years about the disconnect between market cap and NPV. I haven’t seen him buy any shares on market to provide a catalyst and signal to the market. Surely this entire period couldn’t have been covered by blackout restrictions (I am being facetious).
So what is PB’s plan to stimulate the SP? That’s right, let’s divert attention away from our world class critical minerals project because that’s not working and people don’t believe I can get the job done, and let’s divest into lithium. (If I didn’t hear this from his own mouth I wouldn’t have believed it but he clearly said it in his own scripted promo video on Small Caps).
I won’t go into the Biddle thing other than to say that JE must be thrilled that he is no longer Chair - at least now he can buy on market and show how much he believes in the current BOD’s ability to get this thing up and running. After all, he no longer needs to remain independent Chair per his clumsy excuses provided at the last 2 AGM’s about not buying on market as he need to remain independent.
Actually JE you can’t lose here, if you but and win you keep your cushy NED gig, if you buy and lose then at least the CMT will get you a good ROI.
For those claiming the recent progress that’s been made with ECA and LOI announcements, consider the timing of the shareholders list request made to the company 1 July. Around the same time that we have been told significant holders had been trying to deal with the BoD but with no success.
Make no mistake, this action has been caused by the BOD’s arrogance, with the CMT going in to bat for all SH’s as opposed to current BOD’s quite clear vested interest.
Don’t be fooled, this BOD knew the challenge was coming and they scampered like you know what to get some positives released to the market prior to offical notice being received so they could play the “opportunitic” takeover card.
Anyone following for more than 2 years would realise this pattern similar to the annual flurry of fluffy announcements in the lead up to each AGM.
i trusted you PB, all your BRR’s in 2014-2015 had me believing you were truly a great leader, with market leading communication skills. My learnings since have been significant. At that time you were motivated by personal incentives to get the market cap to certain levels and remain at those levels to trigger bonuses (thanks Ando you copped heaps but have been proven spot on). All the BRR’s since, when you don’t have a vested interest? Few and far between.
For the record my 2.3m shares have all voted FOR.
Finally, I know some will attack me for this post but I don’t care. I am sick of PB not fulfilling his fiduciary duties. And the fact that GW had to remind them of this in his recent letter confirms who is best placed to lead TNG into this new and exciting era.
play the ball, not the man - let’s help the CMT get the ball rolling!!
