Can't really say they haven't been doing anything... When in the last couple of years they have won case I UK, then the appeal in UK, then various litigations in MOZ commercial court, finally Supreme Court ruling of ligitiamcy if the licence. Now, what left is the appeal, which will make the judgement final!
Investigater, agreed but let's not lose sight of the fact that it was his Board that lost the licence in the first place and have now taken 3 years, spent millions and are still nowhere. Maybe it is time for a fresh board and fresh approach.
He never paid a thing for any of those shares - all the founders issued shares to themselves for free. That said, I note from some RNS's that his pension fund bought a few, maybe £5,000+ worth but certainly the 94million came gratis.
One thought comes to mind while we all wait and stew : a certain Nick Trew holds over 94.3 million PFP shares - should refinancing be necessary then his contribution would be considerably more than most investors here; likewise, when the anticipated good news strikes his gains will be enormous!!!. I should only start worrying if he starts selling. GLA.
One has to wonder why they are still taking high salaries?, since the company hasn't traded anything, the licences are in dispute and we are awaiting court decisions, just what exactly are they doing mon to fri 9-5 as I don't see anything they could possibly do with confirmation they still have the licences so are they just been paid to sit?
I agree with you, they only have until end-June to issue the financial accounts and it is a major worry that these high Director salaries will have eaten away what is left of the cash pile. Surely the board must recognise that investors have been badly treated - first the serious lack of corporate control allowed a fellow director to steal the company's only asset and then shareholders take a 90% hit, but the board just increased their salaries and appointed another (Henry) director to help fritter away some more shareholder cash. IMHO they really should be made personally liable for what has happened. And because of their intransigence over recovering the asset the shareholders will probably have to face dilution to raise more cash which I believe is the next stage in this sorry saga. So, next news to hit our screens will either be poor financial accounts showing little cash left or a demand for shareholders to put in more - I'll bet it won't be an RNS saying directors have agreed to share the pain and take a pay cut!!
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