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Shed: I'm with you on this. Another mouth to feed in the absence of a clear strategy to us long-term holders. LR: Lay out your plans and intentions and tell me this isn't another mate boarding the gravy train.
I agree with your point Michael makes sense to me. Despite issues I’ve had with LR, I don’t think he’s fubar enough to hire someone with intentions as negative as others have alluded to on here. Also I cannot see any reason it would benefit him to do so, even from the most malintented way of viewing the world
The fact that the appointment was made to create value for shareholders, tells me that the aim is to not dilute further, as this will do the opposite. Yes, he will come at a cost, but there must be something that they think he can achieve. I agree that something in the financing department might be brewing. Well, that is certainly what I am hoping for. They also would've given him a direct objective, imo. Let's hope that the appointment was a really good strategic investment.
Or ...ignoring #gold....possible synergies between AMC with iron ore production and EUZ with zinc for galvanizing ? Whatever the case...exciting times ahead imo....this guy will add a lot of value and is like I said...a heavy player in the banking and minerals sector.
Thanks trade for sharing.....I think you may be on to something....I also notice LR has added #gold on LinkedIn....not sure when though.....it may have been there all along....any thoughts ?
Sheds - I would like to believe that having read most of the valid critique on the board (by proxy or otherwise), LR wouldn’t have added to the “table” without valid reason and support of those advisors already seated... dilution to add to the hoard wouldn’t be in his interests unless the existing advisory capacity recommended it.
Certainly we haven’t been hit with the likely options entitlement, but if Adam had been added to add value to s something which the advisors believe us deficient, I’m happy with it.
If he turns out to be a distant cousin or long-lost intern, we can storm the proverbial senate. But for the moment, let’s see what and why he’s been brought on board.
Still holding and sitting on a pile. Waiting to turn this into the proverbial Ferrari, so my intentions are good. (I’ll even settle for a Taycan to keep everyone happy!)
T
Trade I hope so but any pre-production deals can be handled by Conrad, leading industry specialists who we have already engaged. AH is here to talk to the banks which is why I'm concerned by a change in strategy, I had hoped that with the £2m plus EU grant we could get to the PFS independently then produce the BFS which as Myles said isn't a big leap, then we go to the bank. This appointment throws so many things into question and for all our trials and tribulations over the years I don't think I've ever seen us so off balance. Again, I will reserve judgement but we know AH has form and I would rather have seen a player of similar calibre to CB come onto the Board in an accountable role. As a mere outside advisor who will be no doubt be showered in riches with whatever deals he can muster I don't see his interests aligned with shareholders in the least. I'll say it again, don't think that any deal is a good deal, just like Brexit, but I have a foreboding feeling that any deal will be a good deal for Mr Habib.
Hi Bricks the remuneration is being kept confidential. That's just one bit of this I don't like. Firstly I don't object in principle to engaging someone who the Board feel can bring skills to the party that might be lacking. Also as work intensifies in the build up to the PFS maybe they need to concentrate 100% on op's and leave transaction negotiations to Mr Habib. My issue with this is that it raises more questions than it answers about our financial position, what exactly Habib's remit is and precisely how is he incentivised. As I said earlier I'm trying to keep an open mind on this but it just feels very unlike EUZ to make an appointment with such a lack of transparency on the purpose and terms. I found the RNS vague which is so unlike us, I really hope MC and LR haven't been rattled by their lack of success at EMEA and the industry presentation and changed tack. Also the talk of exploiting strong metals markets in the near term flagged a possible lack of confidence in where we'll be when it comes to mine development, LR always emphasises the robustness of the project being based on long averages so why this sudden urgency? Finally I wasn't terribly impressed with private comms on this matter so am making my feelings known, I'm not a great believer in the judgement of the market on news but on volume alone we must have hit an all time low today.
Yep...he may be part time but it seems like he is a heavy hitter and will not come cheap that’s for sure....something big must be going down as I cannot for the life of me see us affording him for a long sustained period. My guess is he will do a job and move on.
Thanks Trade....wonder how much this will cost us ito shares or options he will get....I guess that will be the next RNS....:-)....hopefully he will earn it and make us rich at the same time :-)
Less than a year on....almost identical wording in this RNS.....did he actually accomplish anything at AMC ? Anyone know ?
https://markets.ft.com/data/announce/full?dockey=1323-14421446-6DAQ48TFPUL2U9027I76V9L2CE
BB, fair enough. Cri5p, I think the deal offered for JV or buy-out will be best if the company is clearly ready and willing to go it alone.
Shed, sure, if the water belongs to muddy, we should leave it alone.
I muddy.
You muddy.
He/she/it muddies.
Muddiamus, etc..
Crikey the grammar police are slow today :) left a bit of an open goal there! On remuneration I wonder if that's why he didn't take a seat on the board? I'd be interested to know the terms, probably on a success basis which concerns me that his interests are not aligned with LTH's, from AH's point of view any transaction is a result. I've been saying this since they chose to go for more cash rather than JV, not any deal is a good deal and for me this makes any deal a more real prospect.
Well I'll try to keep an open mind let's see what he delivers. I guess I'm just cynical CHRI5P, I think the appointment muddy's the water if anything, AIM is awash with the promises vague appointments bring. Can anyone explicitly tell me what he's going to do because nobody can away from this board, remuneration confidential by the way.
Trade:
· Mr. Adam Habib was not re-appointed as Director.
https://www.lse.co.uk/rns/AMC/annual-general-meeting-results-3wx7bk2ld5nupgy.html
T
Shed I agree with you in that it is a pointless recruitment unless they're thinking about funding the mine. However, I don't think anything has changed other than they want to be ready with the strategy of funding whilst the PFs is being completed so that there's less time wasted. For me this is positive and shows they are looking forward.
Looks like some of the RNS was copied from the proactive article LOL
CHRI5P I guess the RNS has just annoyed me. The last time I checked, the strategy was to take us to a PFS from where we'll be in a much stronger position to do deals. I don't see why we need Habib at this juncture. I would rather any pre-production deals were handled by the industry specialists Conrad. To me the appointment looks confused and I fear is more for appearances than the reality of an endgame. I respect your opinion but I said a while back that there could be a divergence of interests for new investors and long term holders, my fear is that they could be tempted into an early transaction when everything I have been told informed me that this is all about getting to the PFS stage, I don't see what skills AH brings to executing that strategy. If they are considering a full transaction prior to PFS we're likely to get murdered, if not then we've just got another passenger.
Or ready to look at funding the mine is probably a better way to put it
To me the timing suggests we are closer to funding the construction of the mine because why would we need his 'expertise '!
It is interesting that they are requiring advice from a banker and to me that means they are looking at the financing of the mine in whatever form that might take or a possible partnership/sale. There are many financial strategies we could develop and we need to keep an open mind. I think rightly or wrongly LR has tended to concentrate on the resources more than the finances. This is a just another step closer to the endgame.
Hmmm I'm not sure about this, investors who keep their ear to the ground will know that the cv isn't as great as it might appear. Another mouth to feed when cash is tight, no clarity on remuneration and a pretty vague remit. MC says this is for "potential execution of meaningful transaction opportunities in line with our stated strategy" but I'm not sure what the strategy is for financing. I don't mind them keeping all options open, that makes sense but don't then trip out glib statements about a 'stated strategy'. I know we haven't replaced CB who I always saw as the deal maker but this is an underwhelming replacement, they haven't cited a single transaction that he has headed, I always post my feelings honestly and I'm pretty deflated about this. I really hope that lack of results from EMEA and the industry presentation hasn't hit confidence and they've been sold a dream, better to deploy cash improving the product IMO.
Russian politics versus those of Spain, perhaps...
Open-minded and tend to see this as a good thing. Focus on realising value to shareholder. Can’t knock that sentiment.
He was hailed as being a saviour at Amur when he first joined but it seems he must have rubbed some of the shareholders up the wrong way. It's just very concerning when that happens, especially in a relatively short period of time. His reputation otherwise is quite good and he has a lot of contacts in the industry.
I see he was added to the AMUR board in Q1 2020 and then his re-election was not passed at the December 2020 AGM...
Certainly raises questions.