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.
How long has this company been going? Years. What do they have to show for it? Nothing. Who's pockets are benefiting? Their own - salaries and expenses. How many years and executives do they have to go through to find a BOD that can actually make an investment? There are loads of opportunities out there. Good BODs know where they are and can recognise one quite easily. Just have a look around AIM. Example - STG - David Lenigas has invested in three resource companies - two in the last couple of months or so. I have no idea how it will all pan out for STG. Hopefully well for those invested. But DL has a good track record. What track record does this lot have? Move your money elsewhere. That might waken them up a bit!!! But, I doubt it. Believe it or not, I did come on here with a view to having a punt but after checking through the RNS's, bb, and history of this company, ummm, nope. Better places for my money. Although, for those on a big loss, this may be difficult. Good luck anyway.
Then don't answer then mate..lol Facts are staring in the face..wonder man Patel been on board for nearly a year and he has done nothing...that is the fact..clear as daylight... Not deramping as a matter of fact...just saying how it is...no point whoop whooping it up when there is nothing to whoop about Good luck to you in all as well ATB
Taste, st least if u gonna carry on the way u do, back ur deramping with facts mate, i dont even know why i respond to ur posts lol no one else does, i dont think u will ever change! But gl to u and all of us :)
Redmond was responsible for nothing happening here for over 2 years (although he was responsible for the £1 million Manas loss) and he was pushed out last week for his failures. It is the same with his other companies PIRI and KENV where the sp has dropped 75% since he took over them some 2 years ago, although PIRI finally announced it's first investment last week, again this has taken Redmond 2 years. Hence Redmond as CEO of these companies must take responsibility and held to account for the failures. That is why he was pushed out of LDP. The same will happen with PIRI and KENV if he fails to deliver again. The BoD of LDP must now be given a month or two to prove their worth or I feel many pi's will jump ship, many at a loss. It's a wait and see if they achieve anything soon, although I personally feel it won't be long as they have money and plans (which they can't announce just yet). They like us were fed up with Redmond and his continual false statements of 'hopefully' and 'in the near future' and then doing nothing. It is now something of a new beginning for LDP. I hope I am correct. It happens once in a while lol) Time will tell. GL all.
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