George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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A large number of staff including Execs are working from home and many will continue to do so once the pandemic is over. Offices are empty but have Cluff told us they have a Rent Holiday and Business rates rebate?
A CFO's work for a company the size of CLNR, can and usually is Contracted out, if not and considering GS is an Accountant, an Audit clerk could undertake the menial work involved. How many hours a week is required? Certainly not full-time.
Amtech you manage a business, have you adopted money-saving practices as a result of this pandemic?
No action to mitigate the effects of the pandemic
Spending money unnecessarily in my opinion on a name change
Employing a CFO with no explanation as to what she adds day to day
Apart from working from home what do you expect them to do, close up until this blows over?
Cluffy wants his name back now he’s done one,
I expect a CFO does what a CFO does and looks after the company financial affairs, look it up.
Mike your anger and that of others is not making one iota of a difference.
The same points continue to be repeated, is anyone listening?? I doubt.
For obvious reasons, Shell's CEO has taken more than 50% pay cut and swathes of other Company Execs have followed suit. Ironically many AIM Execs retain generous salaries. Is it because in many cases they are "Developing Businesses" who have found it fairly easy to raise funds within the Market which then gives a reserve cushion enabling clever Execs to protect a Life-style?
In Cluff shareholders are "lucky" to have the services of Execs who are Accountants. Often, as numbers people, Accountants have difficulty in communicating with Ordinary PI's...….they are regarded as a minor irititation that goes with the job.
Mike all you huffing and puffing is, sadly, making little or no impact as the BOD seem to have the curtains closed!!
Amtech completely agree they couldn’t foresee the pandemic and agree we are where we are I disagree on the necessity of raising so much at what even then was a pathetic share price potentially years ahead of it being needed and by the way I am expecting another placing next year read the AGM resolutions so don’t understand your raising a bit at a time comments
What I really object to is
No action to mitigate the effects of the pandemic
Spending money unnecessarily in my opinion on a name change
Employing a CFO with no explanation as to what she adds day to day
They raised on the back of the Shell partnerships and provided enough funds to see them through those drills/O&GA and working capital. Whether you agree or not it’s done now, move on. They could not foresee these world events at the time so just be thankful they didn’t go down your little and often fund raise as you would ultimately be in a far worse position than you are now.
5 million would have provided 2 years working capital and created far less dilution
Get a drill investment decision and bingo the shares rocket and then you raise at a higher price again with less dilution
These directors are being paid insane amounts of money to make these decisions and I think they have made a complete mess of it as far as I am concerned
I didn’t say they shouldn’t have raised money
I said they didn’t need 15 million potentially years ahead of any drilling
Good job they raised the funds when they did Mike, imagine the cost to pi’s if they did it now just to keep afloat.
As you said Mike, personally I don’t value the OGA awards highly given the circumstances. All hypothetical value currently in my opinion.
As a director myself, the only thing I would be focussed on would be drilling asap and comforting shareholders with some positive news which in my opinion would be some interim results on the shearwater project. Yeah
Yes they said some results may be available sooner but yet again bugger all they just let it drift
Now as far as the licences are concerned the market is valuing them as completely worthless so don’t expect if they get any more awarded it will make a jot of difference to the share price
What really killed the shares and any value was that 15 million pounds placing less than a year ago creating a total of 1.4 billion shares at 1.75p that’s right 1.75p when today the shares stand at 0.75p a total disaster!!
Why raise so much when you don’t need it immediately surely you would bide your time and wait for the share price to rise on say a drill investment decision or other bit of news and then raise creating less dilution and protecting shareholders
They killed any chance of recovery that day and it was so stupid I still wonder why?????
I am so angry as I feel I have been let down and cheated and to read things like transformational fundraise the appointment of a new CFO ,bonus payments and company name change completely winds me up and makes me think what planet are these people on
Unless they can demonstrate some real progress in short order the shares will go even lower
In light of the circumstances you would have thought cluff would have tried to push a little info out in regards to the shearwater research as if I remember correctly it said we may get some Interim results back before the main ones are due later this year!
Agreed some level of cash preservation and due diligence would have shown us shareholders a bit of an understanding of our pain. Barely any transparency hasn’t done them any favours whatsoever. Just an explanation as to why they have employed a CFO would go a long way.
Mike remunerations are reviewed and set by the Remunerations Committee, a small group of appointed Directors who are independent of those whose rewards they determine. Well that is the way it is supposed to work however too many company's have granted Execs extortionate awards for little or no results.
Too remove Directors can only be done when their term of office comes up for re-election, usually on a 3 year rolling basis.
In this case I suggest it will be nye on impossible for ordinary PI's to vote them out without the support of Institutional Investors who considerably outweigh, in % terms, the share numbers of PI's.
"IF" as previously suggested major holders are concerned then the operation is easy. Afraid I fear they (Major SH) are unlikely to rock the boat for the sake of disgruntled PI's.
And if the strategy is working let’s be seeing some drill dates or other positive news flow
J1 I will be don’t worry
Sjm is correct in saying that no director could help the pandemic it is how you react to the pandemic that is now ever so important
Start by asking questions is this new CFO really needed what does she do day to day?
Why pay a bonus?
Who sets this ludicrous remuneration?
Are directors aligned with the shareholders?
Is the strategy still correct?
I think the strategy needs looking at why go for more licenses when you can’t progress the ones you already have that’s madness surely?
I am not a director but if I were these are the questions I would be asking and if they are not asking them they should be removed and quickly otherwise we are all stuffed
If your are shareholders and you are not happy vote against the re-election of the two directors on the form of proxy.
It might make them take notice.
I completely understand the global situation
What I object to is that CLNR seem oblivious to it and continue to spend money we can ill afford the time lines have been pushed back means the money has to stretch further not spent at the same rate as though nothing had happened that is my point
I don’t want to be further diluted in 2021 just because somebody who is far more fortunate than myself decides to pay themselves handsomely when nothing of note has been achieved
By all means do this if you discover gas in Selene or Pensacola but that isn’t now
Nothing has been achieved and the market is valuing the business at less than cash in the bank
That is how bad things have got!!
If you have a decent update CLNR please let’s have it
correction
246million shares showing a paper loss of at least £2.5 million.
apologies for my error
Mike if you held 1.4 billion shares which are now showing a paper loss of more than £15m would you be asking questions?
FD are you on the old cheap takeout theory again?
No I would be knocking at the door
I really wish I could attend the AGM.
Mike has it occurred to you that Major shareholders may know exactly what is happening?
Think about it? If you had taken a huge part of the placing last June at 1.75p would you be asleep??
This really is a shambles at CLNR people are bailing out at 0.65p that’s how much confidence they have in what they see in front of them
When will the major shareholders get involved as they are taking an absolute caning
Why spend money on changing the name of the god damn company when everyone should be battening down the hatches in the face of a global pandemic
Oh I forgot the team at cluff are good at raising money so that’s all right then
It is our money you are wasting and I want a good update to justify such frivolity