Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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just wondering if there was any bonus or other incentives that would be triggered on DUMS totals?
best case for me would be for them to be thrown out but on a very minor misdemeanour that doesn't affect the sp too much.
as SJ said, 5-8 people to run this outfit. Jeeez, there is so much fat to cut out of this company. All these extra bods are top earners too no doubt.
YHAL. I think it might be to flatter the numbers more than anything else. It seems Toby was heavily involved in all the China deals, hmmm!
I also think the market is of a similar opinion given the paltry sales volume.
A clean out of Execs might be the catalyst this needs to get new money interested.
Hope the major holders take note.
The cash in the bank exists and although it could take a hit I still expect << $1M and this sell off to be shown to be overdone.
No, it won't fold.
Dr has an agenda me thinks. If it was worse than in the first RNS the market would have to be updated immediately & I think that would have already become apparent as they peeled the onion.
Sorry to say but I fail to see how the CFO could have allowed this to occur, for the wrong buckets to be used, unless someone in channel/sales covered up the truth about the terms of the contract or Execs did it on purpose to flatter headline numbers.
As SJ says, cleanse and weed out is the order of the day. As mentioned it could have a 'silver lining' yet!
Well, cannot even trust the formal market announcements anymore. It seems we have been lied to about revenue, cash in hand, etc, so anything possible now
The company won't just simply fold though will it?
Bakky, based on the revelations today, it is clear the board cannot be trusted. Such situations don't normally end well for shareholders.
Dr, methinks you are going over the top somewhat! On what metric will shareholders lose everything, unless there is nowt in the bank and all the dums are a figment of the imagination including the ICM portfolio!?
"There is a profitable business under this and the existing cash is not fictional even if it gets a hit."
YHAL, we don't know that yet. All we know is that clever accounting has been employed and until thst is resolved, we don't know whether the business is profitable.
The extent of the investigation may also be extended to periods prior to 2019. It seems some serious cooking has been performed here.
i hope that isn’t the case and perhaps naively i have confidence in the process .
an unequivocal statement either way to close the investigation when complete is what’s needed .
innocent or guilty ( of something ).
if guilty - no option but out .
if innocent . a full and plausible and easy to understand explanation of what this was all about is needed.
if the sense is that it’s brushed under the carpet then i agree the future doesn’t look great .
regardless of investigation or not , the company needs to cleanse its DUMs number and weed out all the “ hokey “ stuff , start charging proper prices for proper domains and make the portfolio easy and transparent to acquire by one of the credible buyers out there for a premium price .
failing that i think the value will languish with only interest in it from people trying to take it private for a song , cleanse and resell it for double or treble the price or for opportunistic buyers at a discount .
There is a profitable business under this and the existing cash is not fictional even if it gets a hit. Shareholders won't lose all here and the market price is telling everyone so. The biggest money players panic early, no signs of that yet.
What you are really saying is the market is misprint this to the upside?
I dont think so but do think, when clarity arrives, it will snap back.
Swap out the Execs and watch new money arrive.
From what you are saying, Toby and Salazar need to be brought on the street. All that money they have been lining their pockets while shareholders have seen share price decimated.
I reckon shareholders will be punished again when the outcome is announced while Toby and co will be unaffected.
Sorry to say this but shareholders could lose all here, due to incompetence/"fraudulous" behaviour of a selected few.
i have a lot of time for guy elliott and Lombard with Rob Giles who is Henry’s boss, together with Henry .
i believe them to be upright and ethical characters .
they both have reputations to preserve .
it can be very difficult for non execs to see through any well hidden and mis represented information skillfully presented to them by the exec team .
the new guy Disher seems top quality and i can only assume that it may be him that spotted whatever it is that is being investigated .
yes , i do think the ICM vendors may have been misled at the time of sale and i am hoping that this investigation now goes back to that period .
the original deal with MMX was envisioned and agreed as an ALL share deal , but we were “ spooked” by some of the China stuff during our due diligence which focussed specifically on the veracity of those premium VIP deals being legit and collectible and the hundreds of thousands of apparently “ spurious “ bulk vip basic registrations . we then said we were out of the deal unless they came up with some cash and $10M was agreed and we sought and were provided with written warranties from the directors that the accounts receivable and all the registrations were bona fide . these warranties were entered into by the company in early May and were again reaffirmed at closing in late june 2018 . these areas were of particulate concern to us at the time but we relied on the warranties given , as we had warranted our numbers likewise .
as mentioned how do you think we felt when the accounts to 30 th june 2018, just 10 days after being legally assured otherwise contained a $2.1 million provision ? not pleased .
as for suing the company ? what for ? millions of dollars or tens of millions of extra shares ? how would your share price look then ?
Sue TH and MS? they don’t have the means ...
i just hope the investigation dig deep into the China Syndrome and any skeletons that may be there get addressed : for sure it’s this issue that has frightened all would be buyers away .
the industry scuttlebutt is that the China performance is and always has been very “ unexplained “.
i will leave it at that and hopefully the investigators can clear it up for all involved .
SJL, what are your thoughts on Elliot and Tuncan?
Disher and Tuncan sit on the Audit Committee. Have they turned a blind eye on what Toby and Salazar have been up to. Salazar spent 16yrs at KPMG.
"The Audit Committee is responsible for ensuring that the financial performance of the Group is properly monitored and reported on"
Do you feel you were lied to during the ICM sale or about the dividends? Be nice if you can sue Toby and co's asses. Get them on the road i.esame treatment they have given to private shareholders.