Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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4C & Cam - another possibility could be that the BOD are prohibited from selling or buying except at specific pre-arranged times, this is the case with some companies - anyone know if it is the case here?
Personally I always like companies where the BOD/CEO have a decent share holding, especially if they have bought it with their own cash rather than it being given to them. This is not (sadly) a guarantee of success but it does at least encourage company and share holder interests to be aligned. In the case of GMS it would be great to see the BOD put some of their money on the table but I'm not going to hold my breath.
Don't know if they are in a no-trade period - they have been on the board for more than 2 months now - so been some time. Completely agree with you on CEO/BOD having some holding, especially when prices are this low (if not now, then when!) - that is why I am surprised, and not insecurity!
I wouldn’t read too much into the new Board having not bought any shares yet. Ultimately these guys are agents of SeaFox and Man Capital. So they actually indirectly have a boat load of shares!! They may very easily have some sort of incentive mechanism negotiated directly with SF/Man Cap. The new Board buying shares directly might also be prohibited as they might (not sure) technically be considered concert parties with SF and of course SF are at their 29.99% limit.
I think several of the new Board members are direct Man Cap employees. So it is not at all unusual that they aren’t buying shares for their own personal account!
There are 4 directors, out of which 1 (Heikal) is a SF rep. Are you saying the other 3 are (direct) reps of Man Cap? :)
There were 3 directors voted in in November,
“ Further to the Company's announcement yesterday regarding changes to the board of directors, the Company announces that the board of directors (the "Board") have made the following appointments:
· Mansour Al Alami ("Mr Alami") as chairman of the board;
· Rashad Saif Al Jarwan ("Mr. Al Jarwan") as the Senior Independent Director;
· Audit & Risk Committee: Saeed Mer Abdulla Khoory ("Mr. Khoory") and Mr. Al Jarwan to the Audit & Risk Committee, and Mr. Al Jarwan as chairperson of said committee;
· Remuneration Committee: Mr. Khoory, Mr. Al Jarwan and Mr. Alami to the Remuneration Committee, and Mr. Khoory as chairperson of said committee; and
· Nomination Committee: Mr. Alami, Mr. Al Jarwan and Mr. Khoory to the Nomination Committee, and Mr. Alami as chairperson of said committee.
Next Steps
The Board will now commence a review of the Company's business and operational matters including, as a matter of priority, the Company's financing arrangements.
The Board notes that Mr. Tim Summers, while no longer a director of the Company, continues in his role as Chief Executive Officer for an interim period in order to enable a smooth transition and a new Chief Executive Officer to be appointed in due course.”
Those 3 are supposedly independent, but were all proposed by SF/Man Capital. The 4th one is Heikal who was elected towards end of November - he is the chairman of SF.
Well they’re clearly all associates.
Surely must be set to get an RNS on financing soon...
Yes they do have the 31 Jan deadline (though it could get pushed by mutual agreement, as they did on the last one)
Also interesting will be their 2021 EBITDA guidance - hopefully $70m+, giving them room to reduce debt through internal cashflow generation
For sure.
They said in December reason to believe it will be concluded over the next few weeks....
Let’s see.
Given the bod are put in by the huge shareholders & the old bod were “apparently” ripping the company off... can’t see the terms being worse than those announced in June.
Defo a turnaround at play here 4C
They really enjoy driving to the edge it seems....11 days to go
Turnaround for sure, but been a huge opportunity cost so far if you invested 12months ago....or at any time for that matter :)
And some slam dunking today....