The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The issue is the travel restrictions that had been planned to be stopped on Monday 14th June have been extended by Army/government to the 21st.
I expect this is reason why tec meeting has been delayed. Like someone said above, this is a 2-3 year hold for me so although I am massively frustrated as who likes being 30% down. I am here for the long hall so I know in 12-18 months time I will be 300% up.
I would expect MF to say something it he thinks it's unlikely that the EIA is going to be passed by or very shortly after the end of the month.
I think there may be a bit of transitional thinking here as the company has been private for the best part of five years with just a few very shareholders that have probably allowed MF get on with it without too much interference. What the BoD needs to realise is that there is now a much wider, public shareholder base. This is not an excuse for the 'apparent' lack of communication from the BoD but they need to realise, quickly, they are running a listed company now.
All that said, personally, I am not concerned. MF will be aware of his Governance and the need to update on any fundamental change in the prospects of the business. This is drifting on a lack of news, imo.
Dave_b - they have told shareholders who have emailed them that they are working away in the background to try to keep the process moving. Therefore, if they are confident that they will complete it by the end of June, then no doubt they will provide an update soon. Equally, if they are not going to complete it by end of June (whether because of Covid or some other reason), then yes, they should provide an update in that situation as well.
IF Covid has delayed matters - and we don't know that for sure - then there is probably little that the BOD can really do about it other than to continue to liaise with the relevant authorities.
If thats the case legalwolf, we should be updated and it is the responsibility of the BOD to update us....I don't understand why they can't let us know whats going on....lets not forget its no secret that a raise may be on the cards shortly after permitting, i would have thought they would want to keep the SP buoyant to facilitate this at a decent level
I don't think it's the fault of management but the impact of Covid. It has affected that part of the world particularly badly and Sri Lanka doesn't have the infrastructure to cope, like we do in the UK. Therefore, inevitably, everything is going to be affected until the country recovers from the current emergency. But these Covid waves, as we know from our own experience, last months not weeks. On the plus side, they don't have anywhere near the population of neighbouring India, in terms of coping with the outbreak and in terms of vaccinating the population, and moving forward.
In fairness to the company, they did refer to the potential impact of Covid 19 on the TEC meeting planned for April?
The RNS on 28th April - which was a publicity show - was very effectively IMO in attracting new PIs particularly those who were in / knowledgeable of KMR. Would really be a breath of fresh air to know that the management are taking shareholders seriously and that behind the scenes they have been negotiating with off-take potential partners, discussions with financiers etc. Hopefully, that is not too much to ask!
Surely the directors can carve out a couple of hours to get an update put together, from their stock 35 hour working week?! I’d expect them to be putting in whatever hours necessary, and at the moment I am at a loss to what they’re actually being paid for (as they haven’t told us!).
I am one of them here with my 17p average, this is an exciting project, but the BOD need to start delivering,
Last time, the management issued fluffed up RNS - it did the trick temporarily and spiked up interest back to 14s.
I hope they can do another one.
Some shareholders may say that directors are too busy to do this.
But a thought must be given to long serving shareholders who have remained loyal to their cause / quite a few I presume bought in the 18-20p range and now pulling their hair out.
I've topped up, if anything to bring my very high avg down! Any sniff of realisation of the value here will see this shoot through 20p IMO, but for now we wait, and that's the issue as people lose interest.
We need an update of some description, i think bad news is priced in at this level, any update of any description is welcome, if i was brave I'd top up, but i want to know whats going on.
MV current - c£20 mn
= peanuts
To buy at a few % above RTO price - is a pee take for incumbent s-hers.
Depends on the extent of any delay, because the whole project here relies on getting the EIA first, and then going through the remaining stages of seeking a mining licence/licence renewals. You don't want all of these stages delayed by Covid 19 otherwise the delay starts to really add up.
I think if/when there is confirmation that the TEC meeting has taken place, then that will be a positive sign. I think after the TEC meeting, it's then a case of getting approval from the Minister/Ministry. I have read that this stage usually takes up to 60 days, but we don't know if this timescale will be longer because of Covid, or shorter because of efforts being made by the company to keep the process moving.
IMO communication/update needed by the company at least during the next two weeks.
With H2 fast approaching, I did say there would be a delay in the EIA approval. Probably see the bews land around end if the year. Great opportunity to buy in now though.