Yes, a difficult position indeed. I feel Bannor summed it up well too, in reference to the recent RNS, regarding the requirement of our approval to allow Bird and Co to issue yet more shares for general purposes. It's the general purposes part that irks most of us I feel. Had the RNS referred to the additional shares being required for a specific purpose, party or reason, one which would also have to be value-enhancing going forward, then that perhaps would have been acceptable. Short-term misery for longer term benefits.
However, this hasn't occurred, so we would, in effect, be continuing to allow Bird and Ed the freedom to do as they please, without a specific plan, no JV mentioned, short-term misery for us, but also potentially longer-term misery to boot. As they haven't outlined what the shares would be for, why they are required, in view of performance to date, and the irresponsible action of the last placing, it is difficult to trust that they will not abuse the additional power at their disposal, should their request be granted.
There is no shareholder value left here in truth, and I'm talking for existing investors of many years, even though Mutsk itself may not be at all bad in itself. The management of ORE is the acute problem, and has been all along.
Just looking in - seems the ORE shareholders are in a very difficult position - you vote for more dilution or the consequences are probably pretty bad. What can I say - it's unbelievable that this can occur - feckless BoD - I hope they are not taking remuneration for their total incompetence - yeh right! I can only wish you long term holders good luck - but this BoD need holding to account - not sure how you can do that with such a fragmented shareholding.
You know as far as I'm concerned they shouldn't issue any more shares to anyone without us as shareholders specific authority on a as required basis so I hope this does get voted down.
I might even be tempted to partake of a placing myself (with warrants) providing they identify precisely what the purpose is for & I/we think it has merit..... this authority to dilute us to c r a p & back they've had previously & are asking for again without closer PI control doesn't work for me any longer with this company.
I also need a 35 bag to break even & am significantly under water & a 35 bag just ain't gonna happen so if they need money they can ask me if I want to buy cheap shares with warrants before they give any more away at what to me was a clear discount to the potential.
Apologies, may have posted incorrect data Re: non pre-emptive share issue, thought they could only issue a further 5% to 7.5%, which was c £70k, however, have just had the AGM letter which mentions share issue of about £588k. Don't understand, but doesn't matter really as voted NO..........BoD are big bunch of robbin barstewards.
I see the LSE share chart for ORE goes below the line and shows share prices in minus figures. Good to know that they are well prepared. I was once hoping that ORE might keep me warm in my retirement, but it would have to increase 35 fold just to recoup my original investment. As for my retirement, I reckon it would have been cheaper to roll up an occasional tenner and sling that in the log burner. It's all very well them asking to issue EVEN more shares - but are their enough MORONS out there who would want to buy into this!!
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