Bandys holiday is going to end at some point in the near future. Over the last 2 years the guy has ignored many of my emails and requests and now he responds (little too late) he has no intention of driving this company forward but is happy to sit back and enjoy his life of luxury. im affraid his job prospects are out the window if he gets pushed out here
I have been invested in RMP since the early days though not a member of LSE - I have followed the bulletin board closely. I wanted to say it's great work done by the Action Group so far.
I do feel that selling Puntland cannot be a good idea in the long term. If this thing came in it would be huge, and I feel that that asset should be kept certainly for a couple more years. We know the oil is there, it's just a case of a waiting game.
I do agree though with getting rid of Bandy 100%. The guy is useless.
It does continue after 'poo'....but maybe that's an apt ending. I also must add to the article...even if we sell Georgia and get a boost in share price as a result, we still need to remove Bandy and we must not be sweet talked.....he has done nothing in the last few years...the company has done nothing.....cash reserves are slowly but surely disappearing.........we are hugely owned by Private investors so we can make this happen....over to you Hay... You have been excellent so far and I am so glad you are leading the group many thanks.
My thanks to share prophets who have today in there daily newsletter to thousands promoted our action group including details of how to join it, thus this should increase our percentage of share holders asking for an EGM. Given this publicity I suggest we very quickly show a spine and start getting an agenda together for the Egm. Here's the article...I am alerted to the fact that a shareholder action group has been set up to call an EGM at Red Emperor (RMP) to try to hold useless CEO Greg Bandy to account. I am afraid that is not enough, shareholders should have a clear agenda which should be:
1. That Mr Bandy be removed from office at once. I am afraid that he has a contract where if Red Emperor cans him for failure it pays him a year’s money while he can quit with three months’ notice but he is a failure and should go. He has failed and does not give a FF about realising shareholder value and so will always fail.
2. That recently appointed Company Secretary Aaron Bertolatti also be fired at once
3. That Red Emperor should sell its equity investments and turn them into cash. If Puntland and Georgian can be flogged do it!
4. That three UK based non execs be appointed (you guys need to offer real names at the EGM)
5. That the company save on the A$320,000 fees it incurs by having a dual listing. Having no Aussie non execs would see it booted off the ASX so perhaps that is a cheap way to delist there.
The reality is that Bandy has invested in duff projects in Georgia and Puntland which will clearly not be worth a row of beans. In due course they will be written down to zero and the only asset left on the balance sheet will be cA$10 million (£5.7 million) of cash. Right now you can assume that doing sweet FA operationally Red sends cA$1 to $1.5 million to money heaven each year.
In an effort to show he was proactive Bandy recently gave a short term loan (terms undisclosed) and invested A$298,000 in a placement by ASX listed Highfield. The CFO there was Mr Bertolatti. And a few weeks later who was appointed CoSec at Red? Step forward Mr Bertolatti. This is the sort of deal done in Perth wine bars that made Peter Landau so popular with UK investors.
At 2.6p Red Emperor is valued by the market at just under £7 million. If you leave Bandy in charge that value will fall as the cash is either gradually spent on doing nothing or ****ed away in spades on a new over-promoted under-delivering gamble.
Folks like Bandy will – if forced – come and sweet talk shareholders. Remember how the Range shareholder action group used to be sweet talked by Landau and would thus attack those of us who called a spade a spade.
A shareholder action group needs to show teeth and spine and just accept that Bandy and Co are being rewarded for serial failure. On $180,000 a year Bandy is not troughing it big time but having never bought a Red Emperor share in his life his interests are not aligned with those of poo
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