Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Makes you wonder what they actually do for their pay. Don’t they have a responsibility to share holders to actually do something or can they just take their pay until there’s nothing left and then raise again?
I smell a large rat here...............................................
pretty da mn sure this bod could have come up with some kind of annual lease of the DTU....it just tells me they were only half-hearted anyway.
Zoe will prob end up scrapping DTU...write it off.
What do our Bod do?
Currently we have 4 Directors:
Christopher Theis appointed 13/12/12
Nigel Fitzpatrick appointed 17/12/15
John (Jack) Allardyce appointed 20/09/20
Nicholas Tulloch appointed 10/04/21
As our company has changed a lot over the years, I am not concerned with the two most recently appointed directors John Allardyce & Nicholas Tulloch.
I would like to focus on Christopher Theis & Nigel Fitzpatrick both have been directors for 8.5 years & 5.5 years, respectively.
Christopher Theis currently has 7 Directorships, but I would say it is only 2 as 6 of his Directorships involve Path Investments.
Nigel Fitzpatrick currently has 27 Directorships of which 2 relate to Path Investments.
From the most recent Annual Report year ending 31st December 2019 (published 10th September 2020) I believe our Non-Executive Chairman (Nigel Fitzpatrick) was “economical” with the truth when he said “the global pandemic has affected all walks of life, and the semi-precious gemstone and manganese markets have not been insulated from this. It seemed sensible therefore to allow the Agreement to lapse in early 2020 and to concentrate our efforts on assets that are initially less capital intensive and at the same time potentially highly impactful” because he then goes on to say
“The DT Ultravert transaction would appear to offer those characteristics. The use of nitrogen within the technology brings clear environmental benefits, as well as providing cost benefits to well owners. There may be a number of other markets where the technology could be of use, offering other potential revenue streams to the company. Having signed a binding Asset Purchase Agreement with the vendors, we look forward to completion of the transaction with the publication of a prospectus shortly”
But not only have our “Current BoD” (at the time as Jack & Nick had not yet been appointed) not managed to complete any due diligence on any of the assets they were “looking” at.
What have Christopher & Nigel been doing with our money? They may be on reduced remuneration, but they have terminated the following:
Announced farm-in agreement (the "FIA") with 5P Energy GmbH on 15/12/17 terminated 5th November 2018.
Announced Heads of Agreement with ARC Marlborough Pty Limited on 18/01/19 terminated 13th March 2019.
Announced Proposed Acquisition of FineGems Extraction Corporation ("FGE") on 19/08/19 terminated 27th May 2020.
Announced Acquisition of DT Ultravert and Kansas Nitrogen Reserves on 27/05/20 terminated 15th February 2021.
Conclusion: Two Directors are being paid (reduced remuneration so they say) for what?
RKB
PS You have my contact details so maybe pick up the phone if you want to continue in situ.