Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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5 year plan my a r s e ! Makes it up as he goes along! If nobody knows what the plan is how can we tell if it's been a success? My hope is Ablock does very well in the next 12/15 months, cos nowt else will. Hopefully this it will set us up for sale at a decent price.
Makes it easier to understand a lack of interest. Roller-coaster indeed.
Question: Is the 5 yr plan a destination or just to get to the starting line?
Sunday/bakky - given we are in a 5 year plan, I did a quick review of the last 5 years. We entered 2015 with more than $45m cash but huge operating costs and an aspirational and complex business model; during the year we ousted our founder (Krueger) who subsequently sold his entire 130m shareholding. We also had a buyback programme which picked up 80m shares. Less than a year later in early 2016 our CEO left (AVC) with a decent pay off, with subsequent numerous changes to our board structure – ins and outs – including TH as our new CEO and the return of Weill who subsequently appears to have been rather untrustworthy in his dealings with the company. We then had the tender offer in late 2016 – 100m shares taken out at a cost of £13m – plus a new Asian investor. 2017 saw the arrival of the strategic review based on what was clearly a need to address our new business ‘annuity’ model which was clearly going to result in short term revenue reductions – and given there were no reasonable offers we purchased ICM in 2018 for $41m (time of purchase). Enter SJL et al – for a rollercoaster 18 months during which we had a $12m trading loss, London write offs/settlement, law disappointment, VIP bad debts/provisions – and a staged 150m share exit by SJL reaching its conclusion in early 2020. As we entered 2020 we made some new senior appointments, our cash was down to $6m, our brokered deals are now non existent and our total revenue has declined as a result albeit there are signs our renewals and sales business is doing ok – possibly linked to digital business activity associated with covid. We have another buyback still in operation, are 4 years into a 5 year plan (2016/2021 – linked to TH starting?), have a potential revenue winner in adultblock, strong support from our institutional investors but a share price which was 6p in 2010 and despite a high of 17p in 2014 (oh for those days eh…) we are back at 6p. Still, you can’t say it’s been boring. SB
''another generous set of options without it ,will make this look increasingly like a company run for the benefit of its senior staff''
Blimey! I thought this has been obvious for quite a long time. I think it's telling on just how much skin Hall has in the game, virtually NOWT!! I gave Hall the benefit early doors to see if he was any different from most other small Aim outfit CEO's, sorry to say he isn't, sad really!
Having said that, he knows he is only a puppet and with no power and a short 'lifespan' as MMX ceo, so made his mind up to get what he can with a well overpaid salary and ridiculous amount of options.
I just hope the end game is what we all are happy with.
Good morning Silv.Couldnt agree more..I supported last years share options to senior management on the basis that they had
achieved substantial progress for the business ,and that a dividend would be paid within a timely period.I do understand the caution in suspending the dividend ,however ,what was telling ,was the lack of sacrifice by management in the period March to September, indeed ,we even added to our head count.
The buy back ,as with all previous buy backs has been a waste of money,money that could have been paid out in dividend and provided a lift to sentiment and valuation. I'm looking to see what will happen in September ,no dividend mention in the update..Management need to act on the issue of shareholder value ,another generous set of options without it ,will make this look increasingly like a company run for the benefit of its senior staff..