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I am puzzled Beginerman.
In the last 14 days we have had 4 significant RNSs covering a long term wage agreement with the union (eat your hearts out UK rail companies!), the appointment of a top tier broker, the release of major summaries of feasibility and pre-feasibility studies for Vametco and Vanchem and finally the financing of the mini grid.
These are all significant steps forward for the company yet apart from a couple of comments concerning the SPV (note not the success in arranging financing itself!) you have chosen to ignore all of those positives and instead focus on negatives such as low share price and denying Directors their bonus’s.
If you claim to take a balanced approach I find it astonishing that in this period where good news has at last started to flow you have ignored it.
So I would be interested to read your views of these RNSs particularly highlighting any positives that you see in them. I am hoping you can focus on the content of these RNSs not share price or delays or rampers or all the usual distractions. Just a fair and reasonable assessment of what these RNSs bring to the debate and how they may contribute to BMNs forward progress.
Thank you in anticipation. Pdub.
Lamp, they have a strategy, it is taking an age to deliver with missed deadlines, and the comms are appalling . Is the strategy correct, are they capable of delivering it? Questions need to be asked given the appalling share price decline,
Deliberate ... yes .. I think that is a good take on it - after all, we have had over 2 years of 'we hear you .. we get it....'
My take. The communication has been SO bad it has to be deliberate. Given the, let's face it, brilliant job they have done to build the Company I think it's fair to say they are not stupid.
Originally I thought it was because they wanted to wait until a JSE listing so their mates could get a piece of the action before they released news that would send the SP up and I still believe there is some credibility in that view.
However, a number of events happened to delay that. Most notably Covid but also Eskom moving at the pace of a stoned slug.
Who knows how many non disclosure agreements they may have been subject to. Not just from Eskom but other Companies that couldn't disclose info' due to various reasons.
Two RNS's this week gave me hope that maybe the expected avalanche of news is finally about to appear and I still think that may be the case but I am convinced that whatever the reasons the bad communications have been deliberate.
I added 36,000 shares this week at 6.9. On top of my 9 year accumulation of 500,000 at a shade under 100k spend.
I'm either a genius or a moron. Only time will tell but I'm comfortable with my choices at the moment.
Never said it wouldn't come good. I'm just saying conduct over the last year had been crap.
I'm not ****ging off my investment. I'm just saying i won't be voting for the renumeration.
When this gets moving happy to do so.
If someone ousted the board, i would sell, because i believe the board the right people but i think that they have been paid for past achievements, not current.
If you disagree. That's fine. But you calling someone for their opinion just says everything. You've a right to yours and I can have mine. You vote for renumeration and i won't. It's called democracy. Maybe you've heard of it?
****ging people off for their opinion is just not very bright. I'm not deramping, I'm not tamping I'm just saying I think their renumeration package is adequate until this gets itself back into order.
If that's next week, I'll change my mind. Because that's my right as is yours to vote as you wish.
If you want to rant because someone doesn't agree with you, them maybe investing isnt for you
Have a great weekend all. Good rise today. Long may it continue
C*****c***, I have to break the news that it is a proper company and the Board is performing well in accordance with the declared strategy. End of. Sorry about the share price, I’m suffering too, but also confident it will come good. It’s the AIM game and you have to roll with the punches.
@Pdub. Right, I get all that and yes thats true. However, Sitting in silence whilst your SP gets battered is notthe way to run a public company. I don't need info every week or month, but f**k me they really know what silence is.
And before you give me a going over. I think FM is the man for the job - I think he knows the routes through the politics and th epeople and knows what the deal is. However, when you run a public company you have a duty to keep your holders up to date.
Yes they have done loads, but its all on the down low. and that is, frankly....well b.0ll.ocks.
If they want wages to suit the stature of the company then they need to run it like a proper company....My opinion..
Sistersoffate please see my 15.45 answer.
The upgrade at Vametco had very clear targets … sustainable production and reduced costs. Very specific and fully delivered.
Sorry “Codejunkie…. “
Code junkies have you noticed any visible improvement in what the company has achieved? Sustained production at Vametco?
Reduced costs at Vametco?
Sustained production at Vanchem?
There are others but those three will do for now. Are you telling me that those very significant milestones that set this company up for the future should not be rewarded? Achievable and measurable… cornerstones of any well designed performance assessment
We will just have to disagree on that!!
@Pdub ‘The company has made huge progress towards its target…..’
I accept that we’ve made progress, but You try selling that to your boss and he / she will tell you you can have the bonus WHEN you hit that target.
2021 efforts we’re poor. Yes we disagree, but I’ll post again my comments earlier this year and rationale for that judgement.
Back in November 2020, during a Crux interview, Fortune was pressed on the share price, and progress on BE, being asked, how long do we have to wait? As part of his answer, Fortune said that we are still seen as a miner, the market doesn't get it, we're going to address it, we're actively engaged in trying to solve it (energy recognition) and whilst he can't elaborate, they will inform the market in due course.
So what progress?
We are still seen as a miner.
The market still doesn't get it
Whatever the Board are actively engaged in, whatever they have done to address it, has been going on months without result / progress. I could add more.
Yes, this weeks update and RNS’s have been excellent, though long overdue, updates and a roadmap for the future. But they will be considered when I vote for a bonus on 2022 performance.
Based on last year, I’ll be voting against the bonus this year.
Best wishes. SoF.
Thank you Chipsndips. Appreciated.
All the best Pdub. Keep fighting on!
Thanks Cindercone. I now have UCH London, Salisbury District and Southampton General Hospitals all trying to keep me going. I’m quite flattered really!
Agree.
There needs to be some actual visible return before they take pay rises. Creating a company in th ebackground is all well and good, but it's not how you run a public company.
In the absence of a dividend, the only measure of financial return we have is the SP.
Should we head north of 30 by the time of the vote I may well revise my view, but I ain't voting for the remuneration resolution on the basis the SP is lower than over 3 years ago and we have been treated like mushrooms
Remember .. we have no idea what the BE strategy is and despite the early mood music, we are just a small miner
Thanks for the debate Pdub, hope you're doing well at the moment.
And Cindercone you seem intent on stripping the Directors of their bonuses despite the considerable progress made by the company in 2021 into 2022.
As a shareholder holder I am exercising my right to support whatever that package rewards them with. If the bonus is clearly unfair then as a shareholder I may consider requesting that the package itself is reconsidered.
I am certainly not stripping you of your right to disagree with me and vote however you wish. With respect that was not your best criticism of the content of my posts.
You can vote as you see fit but before any vote is it not right to have a decent debate on the matter? There have been a few hawks here wanting to stop the bonuses. I am merely putting an alternative view.
Just have to agree to differ on this matter.
The policy dictates that the board's bonuses are subject to shareholder approval. If this was not the case, directors might receive bonuses irrespective of performance and such terms would be a closed shop open to abuse and corruption.
You seem intent on stripping shareholders of their rights.
To be more specific Cindercone it’s about fair terms and conditions.
In every employment I have had there have been clear terms and conditions relating to my salary etc. Probably the same for many here. I have always expected those to be honoured.
The Directors of BMN also have a performance related remuneration package. That should determine any bonuses etc. In my opinion what should be voted on is the terms and conditions of the package. They have already been accepted and the policy is in place. Therefore the Directors should be rewarded as appropriate according to the terms of the policy.
The company has made huge progress towards its target of building a vertically integrated vanadium platform. That should be recognised in the remuneration package.
That is why I will support whatever that policy produces in terms of bonuses. If people don’t like the policy then it is the policy that you should try to change, not deny people their reward according to the terms of the policy but after the event. To me that is unfair treatment whether as an employee or a Director.
Of course just my opinion but you did ask.
Voting for if that’s ok
Because enough votes and they won't get their bonuses. Last year was barely in their favour, which proves that shareholder votes can have a cumulative effect.
Why are you?
"I also am fascinated that some pi’s think they are important enough to stop Directors getting part of their remuneration."
Why are you voting for or against then?
Spectacular Cindercone. We have had a series of good RNSs and you still manage to find a negative! I must admit you are very good at it.
However if I were to advise the BoD about what to do I would say ignore you completely. In all honesty whatever they do you would find something wrong so they may as well continue as normal.
I also am fascinated that some pi’s think they are important enough to stop Directors getting part of their remuneration. Remember our place at the bottom of the food chain so good luck with that one.
With the latest RNSs demonstrating considerable progress behind the scenes I shall vote in favour of the remuneration package. They are doing exactly what I wanted. Building a solid and sustainable business.