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adick It's really very simple: "And the fact is, in virtually every other circumstance I've ever seen, a situation where nearly 50% of shareholders vote against a CEO always leads to the departure of that CEO - particularly when those shareholders are major multi-nationals or institutions."
Provide a list of examples to back up your assertion. What is your problem?
Sorry addict, Steves comment was entirely relevant. 50% of shareholders did not vote against Nm. Like Steve said, it was a handful of shareholders with a large amount of shares. If you don't understand that then I'm not surprised you fell out with the shareholders of the company you ran.
Addicted, you are now showing your true colours, now picking on the mans looks for god sake. Because someone doesn’t do what you want and when that makes him bad?
Josepi, when you get to know people and they start to stab you in the back, would it be wise to keep telling all his next move? He has done what he had to do, it’s not a corner shop or a small thing he is dealing with, vultures at every turn so isn’t it wise to stay quiet for a while, now that AGM is over we shall see what his plans are
Scrat, may I suggest we wait and see the outcome of the PFS, and see what the new NPV is, and the revised payback period, and see if Ingo can raise the finance to go this alone. A JV isn't the panacea that people think it is. It brings in issues like conflicts, on who is running the project. We have waited this long, and we have trusted NM to get us this far. A CFP will put all us PI's in a stronger position.
Josepi...I think the problem is that Nick has made it perfectly clear what his vision for the company is and that’s trying to take Alpala to production and shifting SolGold from explorer to explorer/developer/miner.
And there’s the rub! Some are willing to wait for that outcome others want a quicker return on their investment. NM hasn’t been disingenuous it really can’t be clearer what his intentions are.
Many investors don’t believe he can achieve his goals and the thought of having to wait 5/6 years before production commences (add another 1/2 years onto that probably) is frustrating shareholders.
If Nick can negotiate financing to develop Alpala then his objectives are pretty clear, it’s the uncertainty whether the funding and how the funding will be structured is what’s holding back the SP.
I think given Nick Mather’s character he will dig his heels in even more after yesterday’s outcome from the AGM and will be even more determined to push through his goals of becoming a developer/miner.
At the end of the day shareholders are either with him or against him willing to support his goals and it’s quite obvious the “big” 3 shareholders absolutely don’t want to see Alpala developed unless they have their sticky mucky paws with a controlling stake in the project to reap the rewards!
Hi Addicknt! It seems we have a lot in common. I have also run a PLC (equivalent) with major shareholders (actually, brothers) at war with each other. It didn't end well, of course. A divided house always falls. In reality, we both know that Nick Mather either needs to step down or to change course. The Chairman should make this clear to him if he can't see this himself. Yesterday wasn't the end of something, as so many posters seem to believe on here. It was the beginning of something. I'd expect BHP and Newcrest to move quickly now; the longer they delay the worse their position becomes.
josepi, quite right. Instead, he sat there looking as if he'd swallowed a wasp. As I said yesterday, that's the first agm I've ever witnessed where the chairman hasn't provided an overview of the year and the CEO hasn't contributed at all. And by the way, the chairman looked and sounded totally at sea. Both he and Mather understood the implications of the outcome and their performance reflected it.
Well said Scrat, like me you are a true investor, you don't let age and personal circumstances cloud your judgement, you look at the situation and assess it for yourself. I like your analogy. Post ticked up.
JV Alpala and get them off our backs for a bit, develop an income stream from that so we can avoid dilution and drill out the rest and go it alone on something technically and commercially more modest. There’s a strategy.
I’m ageing and distressed but I’m doing this for my daughter, and my later retirement. I can wait. Recent events feel, to me, like 20 schoolkids have bought a bag of sweets to share, they went to the shops, and three big kids from the upper school turn up to impose their will and take the sweeties for no effort. Since it’s business, it’s not bullying, but I don’t want to play with bhp, Newcrest or cornerstone anymore. I do wish we could use them in a JV so we get an income stream though and then our first solo mine might be something more entry level financially, and technically.
There’s clearly a lot going on behind the scenes at the moment .....Unfortunately, Whatever you think of Nick he hasn’t taken us with him in terms of his communication or vision for the company in the future.
There seems to be division everywhere in the company at the moment with all none the wiser where the hell we are going in the short-term or long term.
The longer this goes on the more Nicks position will continue to be brought into question.
One thing Nick could have done yesterday to lift spirits ,would be to end the AGM with an address to us mere private investors . An acknowledgement of thanking us for our support and longstanding patience would have been appreciated yesterday. What an opportunity he missed yesterday to prove the doubters wrong.
Leads me now to believe it’s back to the drawing board for Nick to rethink the entire strategy.