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And apologies, tapping away on a phone - Likewise for the figures if they are out
1:50 share consolidation
The new shares are designated 5p Ordinary shares
The old shares were ordinary 1p shares
Prior to the last fundraise, they were split to 0.001 and 0.008 (Because legally they weren't allowed to issue more equity under the 1p ordinary share designation.
The new shares will enter the market at the current market value - So around 35p.
Now, in answer to your question, as you can see from above, 35p offers nice discount opportunities when issuing new equity, all the way back down to where we are today!
Roundly decried for my negativity, but there you go - Exactly what I've said all along.
They can do this in perpetuity, or for at least as long as dumb money allows.
And if the consolidated shares are 5p will the options still be 0.75p?
Rxecutive Directors’ terms of engagement:
Mr Budge was the first Executive Director and Chief Executive Officer during the reporting period. His annual
salary was £210,000 (2022: £180,000). Mr Budge stepped down as CEO on 3 May 2023.
Mr Röstin assumed the role of Executive Chairman and interim CEO effective 3 May 2023 at the time of Mr
Budge’s resignation. Mr Röstin was remunerated under his consultancy agreement during this time. Mr Röstin
stepped down as interim CEO 7 August 2023.
Ed Bowie assumed the role of Chief Executive Officer on 7 August 2023. His annual salary was £210,000.
Non-Executive Directors’ terms of engagement
The Non-Executive Directors have specific terms of engagement under a letter of appointment. Their
remuneration is determined by the Board. In the event that a Non-Executive Director undertakes additional
assignments or work for the Company, this is covered under a separate consultancy agreement.
Mr Röstin annual fee is 500,000 SEK per annum (approx. £38,000) (2022: £Nil). Mr Röstin has a consultancy
agreement with the Company for the provision of advice over and above his Non-Executive duties. In 2023, he
was paid £144,711 (2022: £Nil) under this agreement. Mr Röstin has a one month notice period under his letter
of appointment.
Mr Davies annual fee is £36,000 per annum (2022: £36,000). Mr Davies has a consultancy agreement with the
Company for the provision of exploration advice over and above his Non-Executive duties. In 2023, he was paid
£20,750 (2022: £3,000) under this agreement. Mr Davies has a one month notice period under his letter of
appointment.
The additional consultancy fees during the reporting period for both Mr Rostin and Mr Davies related to the
period of time between the departure of Kurt Budge and the appointment of the new CEO, Ed Bowie as they had
to assume executive responsibilities. Following the appointment of the new CEO these fees have reduced
considerably.
Mr Schauman was appointed as Non-Executive Director on 7 July 2023. Under Mr Schauman’s letter of
appointment, he is paid a fee of £33,000 per annum. Mr Schauman has a notice period of one month under his
letter of appointment.
Rostin and Bowie seem to be doing ok out of this...
And it begs the question where does it leaves Angel's recent valuation of the share price as 5p, around eight times the current price...is it 5p divided by 50?
The company should be renamed ATM, as that is how the directors use it.
We're the committed...the market is waiting because they'd be utterly reckless to do anything else but wait.
Yes very poor timing with all of that after the huge dilution.. can't argue with that.
The court appeal should be done by the end of next month.. I say should very loosely of course after our past experiences.
It's the fact that we've just been through a fundfaise that has been detrimental to private investors, and barely improved the circumstances of the company, and yet here they are again, fiddling at the edges.
Seemingly little tangible process, and the board have the time to focus on awarding themselves options.
They should be wholly focused on operational matters. Rewards come for results, not to motivate.
By the new chap I meant Dymtro not Ed...and I'm not arguing it's been disappointingly slow but imo that's down to the uncertainty of the Appeal pending which has taken far too long.
Fully get that. It's not great but this is AIM and a small cap tiddler wanting to do big things.
It's a gamble, win or lose. You either buy in to the progress that is being made as it makes its journey towards production or don't. At least it has good projects that it can put further along development rather than 99% of small caps with no quality and no prospects of producing anything. BEM still has that same goal with the same projects it's had for years. IF we can start making the meaningful progress this year as stated then fully expect the market cap to be higher than it is now and the market to start believing again. As you have quite rightly said at the moment the market hasn't bought in.
And don't just focus on the initial consolidation... Think it through. More dilution to private investors, who get caught in a never ending spiral of having to buy more shares just to stand still. Think about that.
The SP is distressed, and the last fundraise not fully achieved. I'd say that's evidence enough that the market doesn't believe.
Every single RNS is vague and contradictory to the last.
And having been in post since last August, I'd say that's plenty of time for an employee to have knuckled down and got on with it.
That's my current understanding of it Sj, we believe it or we don't and with the new chap having just started work we have ever reason to believe it.
The work for the PFS and EIA for both projects have been ongoing throughout the financing. How is there a lack of progress?
If the PFS's don't turn up this year along with EIA etc then clearly there has been a lack of progress and work undertaken until that point we have to take the RNS at face value that work is ongoing.
The market doesn't believe it, evidenced by the share price and general lack of trades.
The sahreprice reflects the lack of progress.
The first five months of the year have been laid to waste by the announcement of the fundraise at the beginning of the year, and the uncertainly that causes. The result? A stagnant SP.
Any guesses what this latest announcement will result in? A stagnant SP.
The evidence comes with the delivery of EIA, PFS and application of the enviro permit. The BOD have told us the work is all ongoing. You either believe that or don't.
Investors are told that projects are being advancing, but wheres the evidence?
It's not like they haven't stretched the truth in previous RNS is it?
I see no evidence of advancement.
However, what keeps me here is the projects and they are progressing with them and funding necessary work which will shift the company to the next stage. We are advancing importantly. It's about time after stalling for a decade waiting for a decision.
Exactly, the last fundraise wasn't pretty.. history tells us it likely won't be again so let's see if they can come up with something without killing us off again.. it's most likely going to be an equity raise again hence the share consolidation being done by mid June. Fundraise around July/August?
And how is it to be paid for?
The last fundraise didn't receive the necessary support, why would the next be any different?
I've no objection to easing capital, it's our source of funds. But I do object to paying exorbitant finance fees and lavish salaries to this bunch of spunk monkey's.
Unfortunately not, by the end of the year we will see what and if he can achieve the objectives set out without killing us off.
I'd be very happy if we get EIA completed, permit applied for and 2x PFS delivered before Xmas.
That would represent fundamental progress..
Thanks SJ.... Hangover 😂😂
And any potential for marginal gains from the court hearing have now completely disappeared.
No news on the horizon that will drive the SP, an anonymous CEO, Project Director and Chairman.
I guarantee that it will get diluted into oblivion again. It's rinse an repeat.
Can anyone tell me what Bowie has achieved to date?