Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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INM will need to move criminal & civil responsibility to its ex-Chairman & largest shareholder. Given the information out there it certainly appears like Leslie Buckley is in big trouble..................then the question becomes what involvement did DOB have in the matter which will be harder to prove IMO.
In regard to INM the legal question is what liability falls on its shoulders for the actions of what appears now to be a rogue Chairman acting not on behalf of the enterprise but rather its largest minority shareholder.
Great drama but not good for share price. For now 0.08 seems to be the bottom it bounces off.
Would love to know what the Sunday Business Post fetched in the private markets!?
So we will cooperate. No alternative at this stage.
For avoidance of doubt, last para in 19.51 post is not part of Mr Justice Kelly's judgement.
Among those whose data was interrogated were journalists, former directors of INM, as well as two senior counsel who acted for the Moriarty Tribunal, which investigated allegations relating to the awarding of the second mobile phone licence to Mr O'Brien's company, Esat.
The judge said it was difficult to see what the interrogation of information concerning at least some of those people had to do with the cost-reduction exercise. He said their rights and entitlements may have been transgressed in a most serious way.
The question is, who is to carry the can. There is an obvious candidate, but he does not seem inclined to cooperate.
.. Tuesday 4th, 2 pm.
Judgement
It depends how many lawsuits there are, for one thing.
It seems there may be 19 people, at least, with an arguable case for invasion of privacy. Maybe more.
Worst case scenario INM is found guilty of corporate governance failures that the board allowed its chairman & by extension its largest shareholder to exert undue influence to the harm of minority shareholders. There will be a fine. Central Bank fines for serious failures of AML laws for Ulster were like 3.3m. Thats the max fine here + legal fees.
INM has done a good job now shifting & warehousing to a certain extent blame on Leslie Buckley's door because quite frankly from everything I've read thats where it should lie. INM's remaining board members were guilty of complicity while the management CEO & CFO actually raised alarm bells, to their immense credit, through the correct the channels.
The true cost of this exercise is that its pushed out further the chance of dividends & buybacks while distracting management attention from right sizing the business. I'm a bull at 0.85 and will buying like crazy at 0.75.
The question is, what will the business be worth when the present legal process is over.
Not so easily answered.
How much lower can the SP price go...........INM had 91.5 in cash EOY 2017, by now I would imagine that they probably now have 105m in cash on the balance sheet given est. 2018 EBIT of 28m so 14m H1 2014 = 105m
Today the market cap hit 110m..............with 105m of cash in the bank!!!......its getting close to a Japanese style net-net
The news here gets worse and worse. Hard to see any early resolution.
Mr Justice Kelly's decision expected soon. Unlikely to be good news for INM.
Dreadful half year results recently from Johnstone Press. My Dublin newsagent tells me paper sales are still sliding.
Phoenix magazine says Stephen Rae is leaving his position as editor-in-chief because he was told further cuts were required, which he could not in conscience accept. If true that is a serious reflection on whoever is calling the shots. Rae is an excellent manager and a well respected journalist. INM can ill afford to lose him.
predictable.
Times article today - anyone know if the building ownership & sale is accurate? See below https://www.thetimes.co.uk/article/inm-should-consider-finding-a-buyer-gzxk9g0kl Mr McClean is well regarded within the group for having skilfully steered the Telegraph during very difficult times. His parting achievement was moving the newspaper�s offices to a new building. The existing headquarters, with 70,000 sq ft of prime office space, was put on the market this week with a price tag of �21 million (�24 million).That will make a welcome addition to the publisher�s �91.5 million cash pile. Take that cash amount, and the expected proceeds of the Belfast sale, from the current �146 million market cap of INM and you get a company throwing off �28.5 million a year in earnings which is effectively valued at �30 million.
I. Times says rumours Larry Goodman has been buying shares. Not sure that is much of an improvement.
Not good to see Rae go however Paul Connolly helps "De-O'Brien" further INM..............a good thing.....though would prefer O'Brien's stake to go but perhaps this is a precursor
Stephen Rae's departure confirmed, apparently by his own decision. And Denis O'Brien's associate Paul Connolly is leaving the board. Looks as if the wheels are coming off.
INM editor-in-chief Stephen Rae is standing down, according to I. Times. This is not good news.
A major investor apparently has suggested INM should use the cash pile to buy out DOB. Would he agree? I'd say two chances, one of them very slim. The share price would double in short order if he left. Or maybe even more. Dream on!
This is heading for Armageddon.
So, we have ditched the chairman. Will that be enough? Doubt it. In court next week.
By the time this is over, it could account for most of a year's profits. Nineteen aggrieved parties, all with a potential claim for damages - some of them actually are lawyers. There is a somewhat parallel case involving two political journalists some years ago. The rumour was they got six figures each, and that was quite a while ago. Very bad news.
Latest investigation is very bad news for INM and its journalists, not to mention its board. Whoever is responsible for what happened is not fit to be a director of a public company.