Come and hear Shaun Day from Greatland Gold #GGP, Cathal Friel and Jeremy Skillington from Poolbeg Pharma #POLB, George Bennett from Rainbow Rare Earths #RBW and Helium One CEO David Minchin #HE1 present next Tues. Register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Morris - we are not debating what Tony should have done in the 6 months after the fund raise. We are debating what he said was the purpose of the last fund raise ie on what the funds would be spent.
Full circle discussion then - back to my comments this morning saying yet again there was double speak and disingenuity from the management team. This time in the Directors Report no less.
Raising funds under false pretences - that is what is being alluded to here. Not the subsequent pivot away from that - when 100% TG was correct not to spend the money on poles and wires until such times as a PPA has been negotiated and accepted.
Thornback, the "tantalisingly close" statement came soon after Mr Lefoko Moagi was appointed , and I defy anyone to say they were not impressed by his whole demeanour soon after he took office, and for a good while into office.
He has said and done things that have had us thinking the boat had turned. Little did we know it was turtle fashion, and neither did Colm! He knows as well as anyone that Lefoko is not an island, and the government is worse, and he has not made the same mistake again. Making a mistake is forgiveable, and I bear no grudges , but if the same mistake is repeated over and over again, it is a different story. Lefoko is probably as disenchanted with his bosses as we are.
No doubt the Govt will pull its finger out on the very day Syn have an important announcement on the prototype - little Tommy Tuckers! Thumbs not fingers perhaps! Finger doesn't rhyme with plum!
Great post NoEasy.
The reduction in salaries speaks volumes for me.
I personally believe they are doing everything they can to get this project up and running, why on earth wouldn't they.
Yes they've made some mistakes, notibly the "tantalisingly close" statement from Colm, however he was given a bum steer IMO.
Yes it's very disappointing we aren't much further on but mud slinging at the BOD whilst sat in our armchairs is dead easy.
It's been painfully slow but if and when the PPA and finance are in place people will be a little more lenient instead of being very frustrated.
where = were
Are any Boards totally honest with their shareholders? Notwithstanding reporting regulations there is still plenty of leeway for the best ones to control the narrative for the benefit of the company and the the worst ones to control the narrative for the benefit of themselves.
Reconcile the benefit issue with;
Mr Gilby has agreed to waive up to 75% of his current contracted rate. The amount waived will not be payable by the Company at a future date. Mr Rowland has agreed to waive up to 40% of his current contracted rate. The amount waived will not be payable by the Company at a future date. Mr Cloonan has agreed to waive up to 50% of his current contracted rate. The amount waived will not be payable by the Company at a future date.
Appiamma is spot on with the two ends of the spectrum on posters here. For me every board should have what we have here. Won't be the flavour of the month but both provide legitimate points to ponder.
As far as the honesty of the Board in relation to the raise for the power lines I'm lost. From the relevant announcement, 'The Placing Shares are not being made available to the public. ' means we, unless you were part of the placing , have no understanding as to what the investors where told regarding the timetable for use of those funds. Additionally, 'Tlou has decided to proceed with construction of the grid connection once the 10MW PPA is signed...' means the Board reconsidered the timing. Isn't that what Boards are supposed to do, reconsider if it is prudent to do so and does that adjusted timing in any way significant alter our prime money making course?
So was it prudent for the Board to adjust its stance? Who knows but until I know I certainly wouldn't be in a position to call them dishonest.
No, Appiamma, that is weak and disingenuous. To justify your position to ask us to assume that the Bod were not honest before then not offering up any alternative. Very weak.
You are right of course Thornback - it is right decision. I will maintain however that the episode reflects poorly on the company and hat it was probably never the intention to commence the TL works until they had those pivotal agreements in place. Anyway, I think that's enough on that subject from me Gla
What would I have done? I would have been honest in the first place. If everyone agrees here they always needed the 10MW PPA plus funding for work to commence - why did the company state differently? Are you saying they didn't foresee what a bunch of PIs did? And what does my integrity have to do with anything ? you're starting to sound like Moagi
Your point is valid Appi however projects change.
Many moths ago I asked the company why the TL scope hasn't started and am satisfied with the "if somewhat cryptic" response I received.
Like I keep saying it's all about the PPA and Build and Transfer contract IMO.
Just to add I'm satisfied the company could have started the TL scope, however on reflection I think they've done right in holding off.
You do 'appreciate' that 6months has passed by since that raise, and the PPA has not appeared?
Very little point starting the poles and wires without them, and most unlikely that full funding would be available in any case.
You can chose to criticise, as is your right, but at least have the integrity to recognise that conditions dictate actions, and the BoD have responded accordingly.
Perhaps you could also offer up an insight what you would have done in similar circumstances. That might justify your criticism.....at little.
Did you appreciate what TG said in that interview? I did at the time - not so much now
Strange, Appiamma, that you find reading and appreciating what the company write in an RNS to be an 'extreme' position. Oh well.
What we have here is two MMs, each positioned at the extremes of a very broad spectrum of opinion, attempting to manipulate the readers of this bb. One sees no right and the other no wrong - neither stance is very useful to the genuine investor - whose valid opinions, comments and concerns are generally easy to spot and empathise with when posted on this forum.
There is genuinely huge potential here, if I did not believe that I would not be invested. However, behaviour from any BoD that I believe jeopardises an investment needs calling out - not ignored. Tbf there has been very little to criticise, despite what Moagi would have you believe, as most issues are beyond their control, but the issue I've raised is valid imo because it casts doubt on the integrity of the company - that can never be a good thing. As always it's up to every investor to dyor and sift through the BS - I don't think you'll get much help with that here though ATM.
I am sure you are right. Now there’s a first ….
Calm down Donks. I'm sure Sekaname will get something...........................................................eventually.
Morris, was my reply too ‘insipid’ for you? Maybe I should get my ‘tool’ and see if it can fix the share price, the delays, the disingenuous messaging, your ability to get even reasonably close to a share price forecast, …..
I bet even you never thought if you divided your forecast price by 10, you would actually be quite close to the current price today. Have a nice day !
Completely agree moagi, we have been led down the garden path by the BOD. Still hold as I believe that the PPA and finance will come soon but the performance of the BOD has been awful , not matter how MM continues to dress it up
Morris, and nobody is fooled by that general disclaimer either. We all know the emphasis of that fund raise was to proceed with the transmission line, otherwise why are others here making similar observations / complaints ?
Disingenuous - I know you know what it means, since you are not averse to the odd ‘little stretch’ yourself …. when it suits.
Listen to the boardroom chat; read all of the various RNS on the fund raise, especially the first one announcing it. Then come back and try having an intelligent exchange of views.
Nice try Donks, but no cigar. Sorry.
This what the company said on 16th March about the use of the funds:
The above is a statement of the Board's current intentions as at the date of this announcement.
However, Shareholders should note that, as with any budget, the allocation of funds set out above may change depending on a number of factors, including the outcome of operational and development activities, regulatory developments, market and general economic conditions and environmental factors. IN LIGHT OF THIS, THE BOARD RESERVES THE RIGHT TO ALTER THE WAY THE FUNDS ARE APPLIED.
So, and as the PPA dragged (drags) on, the BoD elected not to start the poles and wires (or at least so far and very wisely) and applied them (so it seems) to maintaining Lesedi operations and perhaps seed funding aspects of the Hydrogen Project - with the balance on deposit.
Thank goodness for Appi - (s)he sees right through TGs false words.
To those if you that think all I want to do is post doomsday stuff here, think again please. Let me explain.
I don’t like being lied to. I suspect most, all of you feel the same way. The words explaining the last fund raise were fast and loose at best; and something entirely more sinister at worst.
I keep reading here how great TG is as a leader and the endlessly repetitive reasons why. There is only one reason I can see people have put forward - that being he was part of the wider success of CBM in Australia. He came to Botswana to have a crack at repeating the trick here. And he put his foot soldiers to work - Solomon, Clueless and GG (and elements of the Board) - who promulgated great vision and strategy and colourful presentations and alluring words.
How many flip flops have there been along the way? I know I have lost count. I know I have remained skeptical of much of what they have said these past 4-5 years.
Words contained in a press release or RNS or appearing on the website of a publicly listed company matter. These words are where they are held to account. Plain and simple, the company rushed to raise funds with the last raise for one main reason - they saw they were going to run out of cash a few months ahead.
But they dressed it up as something else entirely - you either agree with that (as I do) or you do not (every one entitled to their own take on this). But there are rules and responsibilities around a company raising money from shareholders. These rules are more onerous on a public company than a private company, but equally the law is littered with lots of case law around ‘raising money under false pretences’.
Is it a fair question to wonder /ask whether or not Tlou management has unintentionally landed itself in this minefield ….. And frankly the words used in the MD report highlighted at the start of this thread were ill-advised or worse !!
DtE. Again I didn't really have a problem with the raise - just the premise under which it was raised now appears to be disingenuous. Opportunistic yes - I'm okay with that too - but the SP had risen because of the interim PPA announcement and the prospect that things would finally get moving - clearly that was not the case.
Yes Brad - GG's full reward was the other point I noted - if he was employed to lubricate the cogs of bureaucracy he appears to have lost his oil can.
That's a fair post Appi, I honestly think TG thought at the time that the PPA was "tantalisingly close" again.
That doesn't excuse him he should have stated that no field work would be carried out without the PPA and 1st phase of funding being in place.
One thing is crystal clear now though and as stated in their July RNS is that the timing of the PPA is out of their control.
It's sh*t orbust time..!
I think we can safely say progress is slow.
I'll set aside the view that TLOU may be buying time for Synergen Met whilst hanging on to funds for a further 6 months after raising them for poles/wires in good faith. Times change and now it seems very possible that Hydrogen production could beat CBM electricity production on timings and cost!
What do TLOU and the BG have is common? Which TLOU director is drawing his full salary?
Are the BG drawing their full salaries? Do any of them earn those salaries?
I suspect we are suffering from Manyana in Botswana.
Botswana's manyana is not a day to day process thought, they follow the months or quarters basis it seems! I reckon TG knew this , hence he brought in GG to accelerate the process with his insider knowledge. He may have been mistaken there, GG cannot beat them, so he may have joined them while picking up full salary.
Some have asked why he does not buy shares - manyana is the possible answer?
It’s unfortunate that due to the ridiculously slow work ethic of the Bots government, Tlou have potentially been made to look slightly naïve, optimistic or maybe even dishonest over the poles and wires. Personally, I think the timing of the cash raise in March was more down to ‘making hay while the sun shines’. At that time the SP had doubled over the preceding 2 months, which may have been pleasant surprise for the company. I’ve lost count of the number of AIM companies that raise funds when the SP is on the floor. Raising funds then, could be considered a savvy bit of business, providing the new investors are on board with it.