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Tarrybreeks - don't see why you should stop posting. many LTH have been misled by JP and the BOD and for me too I found the bonus award disgusting.
When I first came here - board was full of posters saying bet BOD on AIM - we were all hoodwinked.
I hope new investors are correct that this is a great entry point - but nothing wrong warning them about the recent performance of the BOD.
Nobody hopes more than me they can get this SP moving north again. TBH I'll be delighted to get out even here, and happy to get out 50% down. Kicking myself for not unloading some recently when we got up to 0.9 before the arbitration results and the prior debacle became clear.
Brigglet, You're still here, too; what's your opinion on the recent BoD-inspired debacle?
Slurm,
Trout baiting you, that surely is just for fisherman.....
Leigh Creek Copper Mine Pty Ltd is a registered company in Australia, if someone JV's with SML for LCCM do you not think that they will want Leigh Creek Copper Mine Pty Ltd shares to prove their part ownership of that project? So is SML's share holding diluted if they issue more shares for this?
Finally you seem to want everyone to desist in negativity to try and get new investors to buy in, not really looking very 'moral high ground' that, especially when it is clear many current holders are looking to sell into any rise to leave the newbies holding the baby.... Not sure if that is your plan....
Surely it is up to the Company to actually deliver something, rather than it's shareholders to stop mentioning their rather poor performance of late.
Brilliant comeback Tarry(no offence Brigg), Slurm any new investor will not be joining the party on what they read on a BB, MAYBE BY TEXT. Sorry could not resist.
Agreed on the bonus Slurm it was the final straw, how very dare they award themselves a bonus in the face of all that has happened, ill judged doesn't even come close.
I'm angry and I'm sure that is coming across. I'll avoid posting for a while as you are also right it wont change anything. I genuinely thought SML was different from other AIM companies out there and have sadly been proven very wrong.
You are quite right Brigglet, wrong link. Peter Whale does still have 24 active directorships but Peter Wale has 3. My mistake - terribly sorry - wonder if my post influenced any of the 5 trades today - well there was a 3.5 million buy just after my post so doesn't look like it.
You are of course correct, I wouldn't want to mislead potential investors. I wouldn't want to do a placing specifically to raise funds for Redmoor purchase and then spend the funds on Leigh Creek and have to raise for Redmoor purchase again - that would knock confidence I'm sure. I'd also not want to mislead investors that there was a tsunami of cash coming from Leigh Creek when it's not producing yet and doesn't look likely this year - even then will require significant additional investment. I'd also not want state, in an interview and RNS that there was a "letter of intent" for Cobre's 'major client' and that $4.065m would be deposited in 2 weeks (https://www.lse.co.uk/rns/SML/cobre-client-update-09umgfwrcso6kim.html) (when it seems to have just been a few text messages from a convicted fraudster). I wouldn't want to do that. I'd also not want to mislead investors that we'd done our due diligence on Leigh Creek when actually we'd just used the sellers notes.
So - hopefully that clears it up.
@trout, so you are baiting me?
well its a shame you still don't get the meaning of dilution. I have tried to educate you. I will have one more go.
If SML give a greater percentage to a JV partner that's not dilution its a loss of capital not the same.
I am not happy with things, and many other investors here are not happy, but repeating the same diatribe will not change anything. The bonus was the final straw in my opinion, to constantly moan and whine on about it wont change a thing other than potentially put off other investors.
You massive div, Tarry - wring bloke. Get your facts right please otherwise you are misleading potential investors
Slurm,
I do know when the last PEPR was submitted, what it was for and which areas were affected and it was the 7th revision and anyone can read them all with a little research.
I knew the dilution thing would get you going, you seem more interested in semantics than actually losing your investment. The recent placing indeed brought share dilution, but the same thing could happen here with the Company's share of it's projects if JVs want more share of the project and it's revenues then there will be dilution in the project for the Company (if a proposed 50%/50% JV ends up going 60%/40% in favour of the JV partner because SML has no other options then SML's position is diluted and therefore as shareholders that affects our investments).
I have tried to be quiet, but I am absolutely livid with the way the Company handled Brenda and therefore presided over a massive loss in value and then paid themselves handsomely for it.
yeah tarry, sorry mate, was @trout
Hear hear Tarry, the BoD is going to have to work hard to earn back our respect through actions/deeds not the hitherto JP soundbites/carp. It would also be good if AB could focus on SML rather than what sml can do to further his other other company interests....
Hello Slurm, I didn't mention dilution nor draw any comparison between PEPRs. My post was about the attentiveness (or otherwise given their other commitments) of our board of directors.
Perhaps you were intending to direct your questions towards @troutisout?
However since you asked I think it's perfectly legitimate to vent on here given we were denied access to the BOD at an AGM, have witnessed shares in issue significantly inflated (dilution), share price fall from 2p to 0.4 and the money which had been raised to pay for Redmoor sunk into non-producing Leigh Creek. Of course with that series of events you would expect the BOD to tighten their belts and instead they awarded themselves bonuses. So it may be boring to you but I feel it's perfectly legitimate to discuss on an SML discussion board.
Of course if the BOD feel uncomfortable about the whole situation they could return their bonuses until Leigh Creek is producing as they promised it would be in 2019.
Tarry, unless Peter Wale (note its Wale, not Whale) is 71 years old. I think you are talking utter crap.
@tarry
the only dilution has been from the raises, otherwise its not dilution.
There is a point where the same posters "venting" the same anger is not helpful and boring.
Do you know when the surrounding areas PEPR's were first lodged? or when first drafted? if not you cant really use them as a comparison.
What you have to remember is that this is just a part time gig for these guys. Peter Whale is has 24 ACTIVE directorships: https://beta.companieshouse.gov.uk/officers/XzWmAMumqP0gd_wUkWPPHay0byo/appointments.
Alan Broome has 10 chairmanships/directorships listed on linkedIn (https://www.linkedin.com/in/alan-broome-am-i-eng-f-ausimm-faicd-ficme-fimmm-cfinstd-6248637a/) and 15 here: https://www.marketscreener.com/business-leaders/Alan-John-Broome-077Y74-E/biography/ yet even if you just take the 10 from LinkedIn that's surely spreading yourself a bit thin.
In summary I think it's fair to say it is impossible for these two to have SML as their top priority when their attention is split between so many other organisations.
John Peters doesn't seem to have any other listed interests so his attention should be 100% SML however I'd really like to see that focus delivering more than just words because there has been a lot of over promising (juggernaut, tsunami of cash etc) and under delivering of late.
We are fortunate Cobre is cash accretive but Leigh Creek has failed, thus far, to deliver and it's now imperative the PEPR is approved and we can seek a joint venture partner ASAP. I haven't been filled with confidence with the Brenda transcripts or bonusgate so lets hope that John and Alan can live up to their self professed skillsets and deliver some much needed positive newsflow.
Slurm,
If people want to vent their anger here, is that not the same as those who have asked questions here knowing the BoD do look in?
There are enough people clutching at straws, either way. The reality, in my view, is current history is important as a guide to the neartime future. So has LCCM actually become a proven producer for SML? There are several previous PEPRs for the areas around the prospective sites that have been approved, so why has this one taken so long and needs more info? Will the Company need to raise again, prior to JV being signed (I don't see a JV for quite a while yet)? If everything was so rosy then why didn't we see new large investors come in on the placing and why the sell off post placing (bucketshops)?
Did we finally see dilution in your eyes? Because it seems to me there will be a lot of 'dilution' in my eyes with possibly more shares being issued and certainly with JVs that in effect are reliant on all funds coming from the JV partner. This will surely mean SML aren't in the best position to get top dollar in the JV agreement further diluting our position as shareholders....
Might help if the BoD delivered some positive news so that peeps could focus on that rather than not completing the PEPR correctly or more delays in arranging a JV for either LCCM or Redmoor (lots of work in the background lol) or hoping we hadn't noticed the complete arbitration cost & fiasco or taking an unwarranted/unearned financial bonus. Just shambolic, no wonder we're all pretty p*ssed off....
Slurm, if we want a bit of banter and you don't like it then block us.
Well, interest is building here and we've now seen our first (buy) trade today after 2 hours for £383. News must be due....
not sure what your both trying to achieve. ffs let it go please.
im not happy being so heavily down and let down, but the broken record posts are so tiresome
Hi DV, not entirely true,they have hired people to to do that work so heavens knows what they are doing. Maybe they are counting their money, now that will be a full time job.
our world class BoD is working tirelessly behind the scenes to complete the PEPR and get those JVs in place for LCCM & Redmoor. We're very fortunate to have such a high quality team in place maximising shareholder value. Exciting times lie ahead given the potential quality of our assets. Who could ask for more.....