Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Spikey, why are you bothered on some one else’s opinion on S.O , your not even invested, you must lead a boring life.
And what exactly was the payout /return **to ordinary pi shareholders** of the superdialectric investment? — absolutely nil! - ordinary shareholders did disastrously badly under stefan, then disastrously badly under osa, & now stefan’s back - ugh!
sure, lots of other things going on in the world, but a CEO of an investment company who gets it wrong time after time, with the share price collapsing year after year over multiple years, is not someone to back imo. everyone has a bad year from time to time, but MXO / ADME just one long disaster story. … for sure, stefan made sure he made plenty of money for himself, but any ordinary pis who backed him would have lost loads of money over the years. the aje deal was structured to give a big pay-off to cornhill on ‘first oil’, and to provide big BoD pay and perks, but never paid out to ordinary shareholders.
? why are you being such an apologist for a CEO with such a dreadful record re ordinary shareholder returns?
The historical share price of ADM has not done well, but there are many reasons for that. Stefan has done an objectively good job cleaning up the balance sheet. Really no arguing that one. The problems encountered at Aje are greater than one person can control in particular if they only own 12.2% of the project. Stefan led the Superdialectric investment which was a homerun for ADM
"In 2017 and 2018, ADM invested a total of £199,875 to acquire 195,000 shares in Superdielectrics at an average cost per share of £1.025. Superdielectrics' most recent funding round in October 2020 at a price of £4.50 per share, valued ADM's holding at £877,500, representing a total book profit of £677,625 and an increase in value of approximately 340%. The Board approved the sale of 188,778 shares at a price of £4.50 per share to shareholders of Superdielectrics, leaving ADM with a holding of 6,222 shares following the sale. ADM has received the proceeds from the sale of the investment."
I think they have set themselves up nicely (with options/warrants, chunky IR on secured loans & convertibles, royalty payments, etc) ready for an attempted pump, when they will attempt to sucker in pi money by ramping up poor quality, non-producing o&g ‘assets’ ready for some dumping.
that’s what history suggests as modus operandi for both stefan and randy, imo.
(i’m curious what your own connection with them is, but understand that the odds of a truthful account of that on this kind of chatboard are nil.)
gl & atb honest and polite pis.
He must have slept with your wfe, he he he! They have invested 1 million recently and Stefan has done a great job with the balance sheet. All you have are old gripes, no opinion based on intelligent analysis of substance or current developments.....just dismissive views based on nothing insightful!
One can understand why they would prefer not to boast about the link with randy and show a different frontman.
To be clear and accurate, it looks like OFX is run by Claudio Coltellini who is also a director of ADM and, as mentioned previously, putting a lot of his own money in the Company. I suspect Claudio knows something that makes him confident to be betting so large on ADM.
The flip side of your comment is this: OFX has put over 1 million of their own money into the shares over the last year at much higher prices than current market. My entry point was 0.5p, I see that OFX has consistently put in capital at 1p.
Also, the only capital that has come in other than OFX has all been insiders. They are not asking the market for capital, far from it. For some reason the Board and large shareholders seem confident about the company and are putting major money where their mouth is!
(soz, typo, meant of course OFX, not OFC.)
The other reason for pis to be very wary (/steer clear by a country mile) of this stock is the link with randy connally … OFC holdings is Tennessee Black Gold being renamed, which was set up as a randy connally vehicle —- randy of course was the CEO in charge of massive and prolonged shareholder utter value destruction at northcote NCT / then renamed as mayan MYN.
that combination of stefan and randy potentially exposes pis who dabble in ADME to two of the worst AIM CEOs in recent years, aimho.
Things may be about to get interesting with ADM:
"the Company is in discussions with OFXH regarding the possible investment in a company operating in the oil and gas technology sector which the Company considers has greater short term cash generation prospects than the returned leases."
Signficant gain of 432k on debt settlement, Stefan must be looking to redeem himself for shareholders. Good start indeed.
https://www.lse.co.uk/rns/ADME/financing-update-and-debt-and-asset-restructuring-r8j1twa9mtktj59.html
Fair enough, you certainly seem well versed in the history here, a healthy dose of caution warranted!
(Just to save a little time in case peeps can’t be bothered to look back over share price graphs, given the periodic renaming of this company from PPA —> ASTAR —> MXO —> ADME —> whatever next?, …. when olivier took over at ASTAR the share price was ** 1p **. with him as CEO, ASTAR was renamed as MXO, and then eventually was renamed as ADME once the fake sheikh bought in. soon after, olivier slithered off, and osa took over. … when the ‘sheikh’ bought in through a fundraising, he was buying those share at 0.04 pence per share, ** 1/25th ** of the share price when olivier took over as CEO at ASTAR - dreadful s/p performance under olivier!
For sure, osa trashed the company even more once he took over, that guy was just a complete joker /spoof from the word go.. but stefan olivier’s track record before that was appallingly bad. he burnt through huge amounts of shareholder funds and cratered the share price.
take a look back at what happened to the share price under olivier after he took this over as ASTAR then renamed it MXO, but make sure you take into account the 100:1 share consolidation in H1 2019. stefan made lots of money for himself and cornhill, but my golly he was terrible for MXO / ADME shareholders.
Keep in mind, when Olivier left ADM its share price was 4.5p, would happily take that all day long.
Mcco, it’s a paid role with very little work involved, as imv this company does ****** all. ker-ching, milking the remaining shareholder funds until it eventually delists.
If they wanted to do some ‘housecleaning’, why leave olivier in place? - his track record with MXO / ADME has been appalling across many years. rinse and repeat, massive value destruction of shareholder funds.
as for the two resignations, just rats leaving the sinking ship.
I agree with you,Yellowdog.
I presume that his lordship would not be putting himself forward as Chairman if he thought that the company would be going down the tubes in the short term
The number of board members is now reduced to 4 from 6 so fees should be reduced by a third
Lord Henry seems like a solid set of hands to lead the company, interesting comments from the RNS:
As the Chairman of the Board of ADM, I am committed to growing ADM into a substantial energy investing company and diversifying our portfolio from an exclusive focus on upstream oil and gas assets to include initiatives in line with the energy transition and that take advantage of the substantial growth in technology spending currently being experienced by the energy industry."
The change in leadership seems quite positive. I wasn't around but it seems that the ex-Chairman and Carter presided over the utter failings of the last CEO and the Board has finally done some housecleaning.
Wells in the USA are a sideshow, net of ADM debt Aje is worth 4-5p a share. petronor did not buy more of Aje to sit on it, over 71% now. Petronor is a respectable oil company with production, cash flow, a solid balance sheet. They can lead us to the promised land!
https://petronorep.com/media/vtxa0lhk/20231002-acquistion-of-new-age-aje-interests.pdf
Come on, you were supposed to have started those USA wells this quarter which you have got us in debt for. Or were we just helping out our mates? And you can chase up the money we spent on barracuda instead of letting folks off. Patience is wearing thin, sorry everyone, don't mean to rant.
Bought in 200,000 today, Nigeria may have a bright future indeed. From the article posted earlier that was released on ADM twitter feed earlier today.
"Oil-exporting countries face the question of whether they want to flare all that gas off or use it," a German official said in connection with the visit. "We are very open to discussing with Nigeria whether we can buy gas too."
But to make that happen, chronic underinvestment in Nigeria's energy sector would need to be looked at - something the as-yet unidentified business delegation accompanying Scholz may be able to help address.