The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
If you have any questions for Ben Turney, CEO of Kavango Resources, please submit them here.
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It is good to see that the LSE, FCA and the authorities in general have started to make changes that will especially assist the smaller shareholders community.
Cutting the requirement in half to 5% for calling an EGM is an excellent start.
In my view we will from this autumn onwards see a large increase in Shareholder Action Groups calling EGM's and removing directors who are quite bluntly deemed not to be fit for purpose.
Interesting to note that the Shareholders Action Group over at LSE:BIDS appear to have got what they were looking for according to the RNS this morning!
Apologies as it was about the Stock Box interview!
There are quite a few Shareholder Action Groups in the small caps space at the moment partly due to the dire bear market conditions but also stock [or people] specific reasons.
The relatively new lower 5% [used to be 10%] requirement makes it all a lot easier for shareholders to call a general meeting and get rid of any directors who are deemed to not be for for purpose.
One to watch I guess but I for one would not fall off my chair if this happened here in the coming weeks....
I agree, DevilBaby, the only think I want to hear from Turkey is that he has resigned with immediate effect. That info will come via RNS so I don't need to waste my time listening to him big himself up when he is one of the least qualified aim CEOs, and that is some accomplishment.
Perhaps KAV holders should club together to reach the required 5% of shareholders required to.force an EGM with the only item on the agenda to terminate the employment of the Turkey. It would be Christmas come early, so to speak.
I can’t be bother register for this webinar. Waste of time. KAV can never be good investment with Ben Turney as CEO. Should have been sack long time ago.
As the Government are planning a re-shuffle in September so perhaps should the company with at least a couple of the BODs headed off "to spend more time with their families".
As shareholders we are of course all entitled to our own opinions with mine being that I would very much like to see Peter in a much more [executive] prominent position within the company.
As always would be most interested in others views on board changes?
Wrong thread perhaps as was referring to the StockBox interview
Yes not a good listen at all and now Tom W*nkiFr*th reckons that flip flop [as he calls him] is going to get sacked in the morning!?!?!
Yes not a good listen at all and now Tom W*nkiFr*th reckons that flip flop [as he calls him] is going to get sacked in the morning!?!?!
U read Turney is doing a webinar,
I don’t see what Turney has left to spin and sell?
Nothing KAV owns is worth getting excited about, the Zimbabwe deal is not exciting and full of risk, nothing excited lined up.
The only justification for the webinar is to justify his huge remuneration package.
Are there really enough mug punters left to buy the spin?
I forgot to say that the final insult, as Victor Meldrew would've said (and, no, I'm not going to reference being overtaken by two men pushing a broken down Transit) will be if he then gets a pay raise for that old aim chestnut of "delivering shareholder value." And before anyone comments, it doesn't normally require the delivery of any actual shareholder value on aim in order to use that little beauty to justify a lifestyle, ooops my slip, I meant salary, raise.
I really wish an investor would ask Turkey why he thinks he is qualified to continue running Kav?? Thus far he's delivered shareholder value destruction galore, dilutive raises, and now it's no longer a case of promising jam tomorrow, instead it is "Well, we are looking to source an exciting selection of used marmalade tins in the hope that one can be polished up and re-presented to shareholders as a jamjar with a stuck lid, which we then anticipate being able to formulate a plan to open and see if there is actually any jam inside! All done whilst generously remunerated by your good selves for our strenuous efforts at prizing open an old marmalade tin which self identifies as a jamjar."
Dear all,
Ben Turney, CEO at Kavango is presenting at our next IR webinar on July 25. If you would like to ask him a question and have it answered live please do so here. Don't forget to give us your full name and the name of the company the questions is for. https://www.surveymonkey.co.uk/r/6ZYPJ8N
Yes it’s difficult to see how the KCB licences were worth $8m if in reality the only decent bit was Karakubis. On the other hand, what POW got out of that deal was basically an interest in the KSZ and 082, so arguably in retrospect POW did worse…
Re KCB, don't forget KAV overpaid for POW's 50% because the valuation was a joke for what now appears to be trash so double whammy for KAV shareholders.
Thanks for the summary Metalhead.
I'm yet to listen to the interview but I'd be pretty incredulous with what you've said at point 3. I see it as a way of clearing the decks in a desperate attempt to keep the story alive and to be frank, if i was a geologist, I'd see it as a pathetic effort from a snake oil salesman.
Another way for Ben to claim he has been responsible for bringing the right skills and connections to the company.
Instead, I'd be very keen to hear what was misguided about the previous programmes and how he allowed that to happen as CEO. Why was a review of the work conducted before his time with the company not carried out and a pause taken if it was so poor? What confidence should we have this time that better work is going to be carried out when our KSZ campaigns have proved fruitless and our Ditau work only moderately encouraging?
As you know I’m out so pinch of salt and all that. However, I did listen to the interview and have the following thoughts:
1. Ben was very straightforward about B1. I think he has dealt with the drill well and he spoke about it well.
2. Good news if Purebond stage 2 is still on. I personally wouldn’t count any chickens on that front until the money is in. Ben previously said it wasn’t Zim that Purebond was interested in so what was it? Not the KSZ either? I don’t know if I really believe they will put the rest of the money in at 1p, but we’ll see.
3. Some comments about the KCB that made me feel sick. Basically said we didn’t have a competent geologist until Dave Catterral came on board (wtf!) and that everything we did in the KCB up to that point was seriously misguided. Implied that all the soils are Acacia, Morula, Happy etc were a waste of time, and also the 082 drill programme.
4. The Zim project has nothing to do with Paul Johnson or Michael Foster or Purebond and has not previously been explored by the Chinese. Load of nonsense written about it on here previously.
5. Karakubis to be drilled early 2024, Nara could be earlier.
JORC to early for posting
Zimbabwe is not the place it was 20 years ago and due to new technology is well under researched. If Pure bond honours the 1p then a bounce back is due today and for the short-term. I don't like TW and he does get many things wrong but his name for Ben 'Flip Flop' does sound on the money. If KAV does go back to 1p and with the new shares to be issued to Pure Bond then you will be valued at around £14 million which IMO is far too much in this day and age for a company that does not have any ZORC.
Ben also spoke of low hanging fruit to get something on the balance sheets.
And so it begins…
Poor Ben Turney
What a guy
Big potential ahead
And the best of the lot ‘ it does sound like the potential of the project overrides jurisdictional issues.’ - if only it was true!
Let the ramping begin!
Just listened to the podcast. You have to feel for BT. He sounded very sombre and has taken some unfair and extreme criticism of late. As he reminded us, he has a lot of shares in the company and this has hit him financially as well, and he was as desperate for success as anybody else. I also thought the comms on this KSZ drill were fine, so don't know why there have been accusations of radio silence. They didn't ramp, kept it factual and actual and told us as soon as they had reached TD. Can't really complain with that?
The most re-assuring aspect of the interview was to hear that PB will honour the agreement reached at 1p, so we are currently trading at a near 50% discount to the financing price. And the Zim project does sound very exciting, or at least BT's excitement for it sounds very real. Although its not an ideal jurisdiction at all, it does sound like the potential of the project overrides jurisdictional issues. Sounds almost like an existing discovery in some respects, but certainly one with lots of untapped potential. Again, it could be transformational if they drill and find the source of the more surface level mineralisation. With a 4.2km strike length, might even end up with a sizeable resource.
Questions for me are why Zim over Ditau, and why no return to KCB until Q1 of 2024.
Agreed. Ultimately as shareholders we expected the highly prospective target at the KSZ to be drilled. In fact, many requested Ben do precisely that, when it was perceived he wasn't going to. No one can put the discovery into the earth. They can only find what is (or isn't) there. The KSZ has always been a high risk project with the Kalahari sand cover, no ability to use surface sampling or visual assessments.
All Ben could do was make the call to start the drill and make the call to stop the drill. He did both, and the second part very expeditiously.
Also, while dilution is never a beautiful thing for existing investors. Given the outcome on the drill, it seems it was a rather prudent risk managed approach and PB appear keen to honour it.
We've all lost capital on this at the moment, but the decisions are our own. While we must hold the management to account, we must all be objective and fair in our judgement.
ATB.