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Of course I’ve got a ‘crisis plan’ FD it goes something like this ‘don’t panic, don’t panic, don’t panic”. Where have I been? Running a business, not much time to be searching around on the markets. As for the bank manager knowing, when I asked what government backed loans would be available to help the company get through this if I need to furloughed staff he said he’d want a 3 month forecast!!!! Now I don’t know what planet he lives on but he surely must know the answer to that when all my staff would not be at work!!! What a t i t, straight out the corporate bs manual, so you’ll have to forgive me when I say I don’t give a flying f what the bank manager knows as he’s not in the thick of it and is probably still living on the bonuses paid to him by us. So I guess my strategy of giving my staff the choice to either go home unpaid or carry on working for as long as possible while we still have work was the right one.
By the way I should not even have to ask for this it should already have been done and I apologise if that rns that was released in March is still valid
I completely understand the world predicament and pray for the safety of everyone as this is the most important thing in the end however I am starting to get annoyed as I can’t see there is much to do on a day to day basis
I could be completely wrong and everyone is flat out and Shell are on the verge of a well commitment but I very much doubt this is the case as it is at odds with everything else in the world right now
What is needed is clarity from Cluff and a clear strategy in the event of Shell shelving their plans as part of their response to world events
What are Cluff plans to negate world events
I am paid a fraction of what these guys are paid and I would not expect to get away with sitting on my hands whilst my companies financial health was being compromised
So please CLNR let’s have a well written rns setting out our future strategy in the event of A B or C
Mike understand your fury and the AGM would be an excellent forum to raise the issues you state.
However in the absence(likelihood) of an AGM in May, GS needs to be " encouraged" to answer and in some case except the current situation with regards Shell. Shell have made it known their planned Capital expenditure Worldwide, is being reduced. I emphasise Worldwide as Shell have not so far as know, identified Jurisdictions where the axe will fall. It is reasonable to believe Oil Exploration will face the biggest reductions, whereas Gas, although consumption ( primarily industrial) has taken a hit, will be less under the cosh and domestic consumption is more stable.
Virtually every other managed business have /are taking drastic steps to reduce cash-burn, human resources have limited functions to fulfil. CLNR is no different and reading the day to day work continues is hard to believe and requires qualification.
One is bound to wonder what if anything , the Major Shareholder's, is doing? MS is well under water here.
I don’t understand how they can say that day to day operations are not affected when in all other walks of life they clearly are
Why at a time like this are we paying for two brokers what value is being added why are we carrying a new CFO? what exactly is she doing?
The rns in March needs carefully updating with a clarity of what exactly is going on inside CLNR to negate some of the effects of the oil price and the pandemic
I would suggest
A clear update of what Shell intentions are with timescscales
Cutting directors pay and announce there will be no bonuses paid for the foreseeable future
Losing the CFO
Losing a broker
Directors buying some shares
Some assurances surrounding share options in other words not changing the goal posts and award new options at a lower price than 1.75p
Come up with a viable plan on what else the money could be used for assuming Shell decide not to proceed In the indicated time frames
If there is no credible plan then return cash to shareholders
mike it should be in May, but like every other Company under current situation, it is likely to be either postponed or an acceptance of reports and any proposals down to votes by proxy or otherwise.
I guess the BOD will be keen to avoid an open meeting where fundamental proposals and criticism of the Execs could be aired, even a confidence vote.
In such troubled times and considering previous statements regarding Shell and Q1, need to be addressed and Shareholders updated. Whatever the current situation it is not good enough for a Board any Board, assuming PI's should know because of the present Global meltdown.
Silence is just not acceptable.
FD
What date is the AGM?
I really think I need to have my say this year
I don’t understand the day to day needs of the business but I do know we are carrying an extra person and a joint broker that we were not carrying last year and I would like to know what value they are adding because from an outsider looking in I don’t see any
I am not trying to be unfair I am just trying to understand where my money is going and hope that is understandable
amtech I am amazed as a business man you have no "crisis plan". Does your Bank manager know?
As for RNS from listed company's, where have you been the last month? Taylor Wimpey, Shell, Barclays, Kier the list goes on.
Apart from the above named and others I am also into unlisted SME's (EIS & SEIS), who are ahead of the game otherwise they will go under.
No idea but these are the exact reasons why many companies especially those on aim don’t make it and go bust
This company has in my opinion been extremely fortunate to have raised so much money when it did especially when many of us myself included thought they had raised too much too soon and diluted the shareholders into oblivion at the same time
Now at least they have plenty of money but that does not give the directors the right to hide behind covid 19 and oil price volatility and say boo hop how unlucky we have been
It now seems highly unlikely that any drill decisions will be made anytime soon let alone drilling
So my question is very simple what is the plan to reduce overheads and outgoings and conserve cash until things pick up?
All I can see at the moment is expenditure expenditure expenditure including a joint broker fees and now a new finance officer and huge exec salaries
In 12 months and I am being kind here the shares have nosedived from 2p to 0.6p
In my opinion if this situation is left unmanaged we could be looking at 0.3p or lower in the coming months as the cash evaporates on this current expenditure
This is not personal I am very concerned about my investment here so please CLNR take notice of what I am saying and by all means if the picture is different to the one I paint please enlighten us all
Thanks
Doubt it. I’m just trying to get a handle on how many other listed companies have issued RNS’s specifically to say what they are doing about cv19.
Well Amtech is that the way that good companies operate???
We will sit on our hands and wait and see what others do or should we act fast and look after the company and shareholders interests NOW?
Personally am not interested in what others are doing I am more interested in getting to understand what is happening or otherwise at Cluff Natural Resources
The best thing you can do is ring them Monday morning and ask the questions. If they’re sat not doing anything I’m sure they’ll answer.
Both large outfits but making plans
Whereas an aim listed company with no revenue has yet to reveal any plans?
Seems back to front to me
I honestly cannot see it as business as usual but would be happy to learn I am wrong and drilling will commence this coming summer!!
And shell
Am in saga
How many listed companies are you in Mike/FD and have they issued RNS’s yet?
Unless they act soon it will be too late!!
Well said FD
The company I work for have been doing this for weeks with the aim that when this is over they come out of it in good financial health
For goodness sake Mr S and the team at Cluff get off your backsides and sort what is becoming a heck of a mess out!!!
In these troubling times when it is generally agreed things will not be the same in the future. Many good company's will not survive. Many are articulating strategies for the future and survival,by passing /restricting dividend payments, reducing the pay bill ( either temporary or more permenant) including most noticeably the remuneration and bonus's of Executives...they are planning to survive.
Company's who have no clear strategy and unable to communicate are living in Cloud Cuckoo Land.
Sitting back and doing nothing is wreckless and is only self-serving, whether there is money in the bank or not only displays an incredible arrogance. Basically " I am alright Jack, sod you"
It is blue !
Steady .
Could someone please explain why we have joint brokers?
More waste?
I am expecting an rns stating some sort of cost savings
They simply need to reign in the spending and quickly
I assume that was some sort of rollover/ or tax buy & sell?
Majority of companies I know are furloughing staff which at least relieves the company of cash burn. Is CLNR oblivious to what it's peers are doing, including Shell whose CEO has taken a 50+% pay cut. Can someone explain how GS and co can justify taking their salaries, or is it a case of Nero fiddling whilst Rome Burns?
Noses need to come out of troughs