Peter Redmond quits as Leed Resources chairman – no need to go to AGM after all BY TOM WINNIFRITH — THURSDAY 6 FEBRUARY 2014 ________________________________________ Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. I have written some harsh things about Peter Redmond, the chairman of AIM Cesspit listed Leed Resources (LDP) and bought £7.50 worth of shares in his company to attend its AGM today to ask questions and push for his departure. But I guess I am now free to lunch atMaribelle’s instead, because Redmond has this morning announced that he will be standing down as chairman after the AGM with immediate effect. Before I crow, I should say he has, today, acted with honour. Some crony capitalists would have dismissed me as a crank and just carried on trousering the dosh. I chatted at great length to Redmond last night and I give him full marks for what he has done today. I may have been an agent of change at Leed, but for quitting as he has done I am now setting up the Official Peter Redmond fan club.
Redmond accepts that Leed has failed its investors. The blame for this should not just be levelled at Redmond but also at the other two directors (Gibbs and Patel) both of whom are up for re-election today. They will be re-elected because just two shareholders from the Orient control 23% of the Leed equity. And they have, as usual, proxied in support for their men. As far as I can see these folks do pretty much nothing for their dosh and add no value whatsoever. I sense that Redmond wanted a better board to work with to turn Leed around. I also sense that Charles Zorab, who I also know, and who has joined the board today will face the same issue. But Redmond was not going to get his way, he accepts that Leed has not delivered and so he has walked without, as far as I can see, any big payoff. So in that sense I congratulate him for, today, acting with honour.
In doing the decent thing rather than just trousering the moolah while clinging onto his non-job, Redmond has differentiated himself in a very big way from the sort of crony capitalists who control so many AIM companies. As for Leed? Let’s see what Charlie brings to the table. The two previous enterprises where he has been involved and which I have followed (Hambledon Mining (GBGR) and Watermark Capital now Armadale (ACP)) have not exactly been glorious successes. Put it this way: if you look at their share price charts upside down they look like spectacular winners. Maybe it will be third time lucky as I shall keep an eye on Leed. It strikes me that unless it can change the other two directors and bring in someone of proven talent (I nominate Adam Reynolds) this is a stock going nowhere at all.
Again, as no one listens, I'm not disputing your share amount. I don't believe the 1 post wonders and the amounts they declared. I also don't believe the little revolt caused a change in the bod. Patel was in charge, the revolt was irrelevant. It's part of a process that's been going on for 10 months. If we get involved in a mining operation in a remote area, we'll need power (piri maybe) We may get involved in oil/minerals, who knows? All that matters is making a good investment. Singapore is the hub of money for investment in Asia.
just to make my own position clear my current personal shareholding is 55,673,989 as I topped up twice with £10k just prior to the AGM. I wouldnt like anyone at a later date to say my figures dont balance
Are mining specialists in Asia. Wouldn't it be nice if we get involved in some mining activity and Peter could help with the power supply. One major draw backs for mining in remote areas is a good power supply.
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