Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Although it is never great to celebrate a person's departure from their job I think this is good news and inevitable. Since Hayden Jeffreys (Group Commercial Director) appointment there has been too much potential overlap with Chief Commercial Officer (Nick Claxton) and Chief Business Officer (Peter Collins) roles. So it is good to see that IR and the new CEO have understood this challenge. This should help the cost management efforts as well. His departure shouldn't affect any commercial regeneration post litigation release and is opportune in advance of the company relaunch which I would suggest will happen in the next 3 weeks in advance of the Half Year results.
Kind words were said about him and quite rightly so but I totally agree that this was unnecessary cost in the management structure that was inevitably going to get trimmed once Lyn had got his man Hayden in situ. Nick has a very strong organisational background and clearly a lot of valuable experience, having gone through his Linkedin profile, but I do still question whether his days could also be numbered. Time will tell.
I would be keen to better understand the specific remits that Nick and Hayden both have to be honest because I can only limited conclusions using online information available.
Agreed, would be helpful to have this on their bios on the website. I was expecting more news flow since the placing but I guess AR’s purchase of more shares indicated there was nothing commercially sensitive to reveal at that time. Still I would expect more news of contract wins around the world and there is nothing hindering their announcement now the litigation is concluded. We need to build some momentum and as flipper says the coming weeks before the interim results would be the perfect time.
I’m sure there will be more news but how and when is an unknown at the moment but I’m feeling optimistic about key announcements through November and December, with the Taiwan expo, interims and 3 year business plan all in the pipeline.
Having a dig through the Annual Report I found that Peter C invoiced Premaitha for circa £256k for ‘consultancy services’, so whilst this does not necessary correlate to his salary, it does give as an indication of the potential annual cost saving made with his departure.
In addition to the help that this gives to cost management I take this news as reorganisation before the Company relaunch which is good news. There has been a lot of potential news already forward trailed in some of the company presentations; such as Company Name/TDIM Change, reproductive health product news, TMO warrants conversion/debt forgiveness, and more detail on the revised company strategy etc. I would have to imagine that some of these would at the very least have an internal target to be released by Half Year results as it wouldn't make sense to have the Half Year report having another Company Name etc. So it will be interesting to see what else is achieved by then as well as to publicise relaunch. I suspect by now a revised Articles of Association for the Company is being prepared and we should hopefully get a timeline issued shortly to the Company relaunch.
Zapping costs ... clearly needed given recent events. Need top notch sales people who buildc relationships and deliver the big stuff. You want people who still have drive, have something to lose and not on the AIM gravytrain.