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JM
Base £363k
Other £240k
Incentive plan £100k
Options 31 Dec 2022: 5m
Share based payment £478k
As per FT.
The Snake - £603k
Retter - £437k.
Stellar performance to date by the above.
Oh and did I miss where JM gets a £1.7m salary? I thought his salary was £325k but I admit I haven't checked for a long time. Are we sure the £1.7m isn't for the whole leadership team?
Bear in mind the options have an exercise price which was 10% higher than the then market price. I think from memory the options granted were at an exercise price of 170p but would have to check and CBA, the actual price is irrelevant as it is several multiples of the current price in any case.
The point is that JM, SR & Co only have options and hardly any shares, and due to the exercise price those options are effectively worthless unless there is a huge recovery.
The C suite effectively had their stakes wiped out to pretty much zero.
Well said LawrenceH.
TDT
I don’t know the full details but didn’t the bod award themselves options after the financing, many if which weren’t exercised. I note the 2022 Options were huge, JM got £5m worth on top of his £1.7m salary. How do the sleep at night? Answer: very soundly I’m sure.
Lawrence - always good to hear from you. Not bitter at all, In all honesty when i hit the sell button and was qutoed £1 i was shocked, it wasn't lower after reading the news- within minutes and days later it was significantly lower. HZM is a page in history for me and I'm very grateful i got out where i did but i will be watching it closely and commenting where appropriate as it interests me on how badly JM and Retter screw over PIs next and how they both will without a doubt benefit from it - It's inevitable.
"Fear" - what caused the fear? Could it Jm saying a few week back all good rerate expected and then the rns starting at least 200m short and 12 month delay. What did you expect? People to tell themselves "I'll fight the fear" and watch my invest reduce by significant amoun just to fight fear? Its logical reaction, you read the rns and then know the news being announced couldnt be worse and our BoD are deceitful in everyway. Its time to sell, knowing everyone else will likely do the same and then sp will sink to epic proportions.
Nice philosophical quote but 4pm is a little early to be smashing down the vino.
Like your optimistic outlook always Lawrence but in this case with an average of 72p, you got very up hill battle IMO.
Strow - not sowing saddness or trying to horrify anyone. There was enough of that in the October 2nd rns.
Good luck to all innHZM and have a good weekend. I have no doubt th Snake and Retter are having smashing weekend so far.
Well that’s me told hey
Won’t question your extremely clever thoughts again.
Please keep posting them for us all to feel sad and horrified about
Clever, You certainly sound extremely bitter for someone who says they sold out with a profit, if I had managed that manoeuvre I would have walked away and been thankful so your comments make no sense whatsoever.
Unfortunately I didn’t sell any as I didn’t know where the bottom was going to be and nothing I’ve read or heard leading up to the bombshell news lead me to believe there was an issue.
The reason the SP is where it is, is because of the herd, not MM’s not that the fundamentals which haven’t changed, it was pure FEAR !!
“A person who doubts himself is like a man who would enlist in the ranks of his enemies and bear arms against himself. He makes his failure certain by himself being the first person to be convinced of it.”
This is a simple truth, even if it’s a little painful to hear. Doubt in general, and self doubt in particular, is a killer. It will tear down your resolve, it will weaken your will, it will cloud your vision, it will wear down your spirit, and it will lead to failure!
Now that said I understand that some have lost heavily in RMM ACP just to name 2 and other sectors so they are acting on past experience and they have put themselves in a FEARFUL STATE! Making decisions with this mindset will only ever lead to Failure.
I have averaged down to 72p from £1.42 & if I had more funds I would have lowered it more, hey ho we are where we are & I await confirmation of our funding arrangements and moving forward in a Positive direction.
I am Positive of a successful outcome and a re-rate to fair value, that said, this is Not a buy recommendation but people need to look back at their own research .
GLA
Bitter, no. I exited at £1 with a small profit thankfully on my significant holding.
My "speculation" Is based on strong past precedent of PIs being shafted three times every time worse than the last.
On top the shafting, they decided give themselves commissions of millions for securing a unfit financing on top of there annual salaries of of several hundred K on a project which doesnt generate a dime yet. Based on the strong trend and past precedent of screwing the pi you can expect another shafting by JM and Retter because its what they do this time with the blessing of the apex predators.
Your speculation is strictly based on rose tainted glasses, NOTHING more so go read some and learn. Back to investopedia, and maybe start with what FTSE stands for.
Good point mumbles but I don’t think either La Mach’s or Orion would be interested in owning / operating the mine. That would leave Glencore who I imagine would very much like this on the cheap (sub £1 per share).
Mumbles, Bearing in mind if they wanted to make an offer to buy the lot that would be open for others to make an offer for the lot? Would they want that ? I doubt it ……
Been thinking about this today, as straight capital raise, a 3:1 rights issue would be required at 25p to raise $200 million USD. this would dilute the 3 major shareholders down to 12.5% if they dont take up their option at a combined cost of $ 100 million to retain their share of the $1.3 bn NPV ($565 m).
if they were to combine together for a take over at $1 a share, it would cost $135 million to purchase the shares they dont own, plus $200 million to finish the project, giving them 100% of the NPV for an additional cost of $ 235 million compared to a $ 100 million cost of maintaining their equity stake %.
They could of course offer less than a $1, say ($0.50), giving a combined cost $ 266 million to finish the project, rather than $335 million for a $1.00/share but they would have to get that past an EGM. Just a possiblilty to mull on.
Cleverthoughts
Nobody will give away the shares for 50pence ..most ppl here bought at 100 pence +++
That smacks of someone who is extremely bitter and defamatory
I wouldn’t dream of making remarks like that when you actually have no idea just speculation about the course of events
A 50p takeover would be a massive management failure and they would know it. I don’t think they will do that. Interesting times ahead.
Currrent budget is $537m with $439m spent as at end Sept there’s still lots of headroom and progress is obviously continuing at pace. I’m confident funding will be sourced and this will see a massive rerate, similar to the 86p to £1.50 in one month a year ago but we are starting from a much lower base this time. I think this will be one of the big AIM PI opportunities this year and a lowball takeover, say at around 50p, would be a shame due to the potential for bags. I feel for those that have lost money here but the drop is massively overdone. The cost analysis and line 2 feasibility study are both due imminently and should remove some of the uncertainty keeping this down.
Clearly only a few PIs learned their lesson of being bent over and used by the Snake Jeremy Retter and the BoD three times. The 3rd time everyone got royally screwed and your still looking for Jeremy and BoD to save you.
Th SP is where it is due to them, no one else. Just a few weeks before the sp tanking rns, Jeremy said on the call "on time, on budget, re rate expected" then BOOM we're at least 200m short and 12 months behind. In just a matter of few weeks this all happened!! Insulting everyones intelligence.
No funding is coming until the apex predators such as Glencore no exactly how much they need. It will very likely be more than 200 due to the fact Jeremy lies as easily as drinking a glass of water and its the way he operates - intentionally does raises at the lowest sp, and doesnt give a damn about you! He would sleep like a baby if he knew every single pi is homeless due to him. Why? Because it fits his character and has his millions in commission for securing an unfit funding "package".
They are extremely incompetent BoD at best or deceitful and fraudulent at worst. Either way your getting shafted again!!
Good luck to all and anyone thats lost significant money for them just know your not responsible! Jeremy, Retter and the BoD allowed this to happen.
I thought this was interesting
https://www.linkedin.com/posts/daniel-machado-5a8b85167_essa-semana-me-despe%C3%A7o-da-horizonte-minerals-ugcPost-7126163918367932416-HSbg?utm_source=share&utm_medium=member_ios
Here's your 15 minute chart;
https://www.tradingview.com/x/yQp9qRNy/
Obviously you are in for a swing but can see the masses of volume around 20p and the most traded price at 21.7 where the shares sold off to today. Technical bounce in my opinion, spouting takeover rumours or 'insider' trades is just narrative of price movement unless proven otherwise.
However, not being profficient in spotting these moves I can see how the price could oscilate between the 2 ranges of most traded price for the next few weeks prior to actual news as people trade volatility......
The clue today was in the volume - Put a chart up switch to a 15min timeframe and look at the volume pre-market and observe up to about 12:50 - That was the tell for me today. I don't know about any rumours or not but so many eyes will be peering over Rita's work it is 100% guaranteed that the info will leak. You'll see it in the volumes.
It may well be that this RE report has now been completed , and is now under review? From Last RNS (extract below) they expect by mid-Nov the cost report and independent review completed…for this the Senior Lender has independent advisors set-up to study the costs:
‘..Reta Engenharia is expected to complete its capital cost and schedule analysis report, following which an independent technical advisor, nominated by Senior Lenders will review the updated costs with targeted completion by mid Q4-2023.’
It does seem that even with funding requirement TBC the market cap had dropped to a bonkers low level, given the assets, being so close to completion and sheer investment taken to get it to this point. More than anything else market hates uncertainty so as soon as that's out the way with news it does look primed for a true re-rate.
Frankly speaking don’t think we’ll see under 20p again IF news of merger/funding lands….gla