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You are to be corrected as you are wrong
There are still 3 from the old board here
We also have the gold licenses in Spain
Same board with a couple of buskers found down at ORRible. One a liar is an adage that holds water, consider yourself corrected. The plan from the new ceo is taking shape and will determine what comes next.
Correct me if i am wrong but its a different board and the old asset has gone left with just cash. Its basically a completely different company so suggesting that the past failure has any bearing moving forward doesnt really make sense. Best just to move on or stay and accept that this is a different investment.
If the sale was the best and only outcome for investors it only goes to show the mess the board created while receiving big salaries circa $500000 a year
Professional directors don’t have to sell their company down the river for a fraction of what they took from their shareholders and I don’t know why ormonde needs 2 chartered accountants on the board with no project
No wonder the shares are trading where they are
Hopefully a white knight will save shareholders from this board
And the sooner the better
The Barruecopardo problems only really emerged in the middle of last year, and the second half of last year was a very bad time for small mining companies to raise finance, especially in the UK with concerns over a hard Brexit.
See for example SXX's failed fundraising in September.
So any ORM fundraising then would have been massively dilutive, on very poor terms.
The sale therefore was the best outcome.
If you argue that the FD should Have forecast the geological problems, I don't think that's a reasonable requirement of an FD.
And as a previous poster has said, where does one get these crystal balls?
So I don;'t think there's a case for attacking his competence, and nor is it helpful to long-term ORM shareholders going forward.
For the benefit of those who don’t appear to understand partly why investors lost their money was
Our very competent CFO failed to protect the company’s financial position to such a degree that oaktree was able to take our asset because we we could not continue to finance it any more
If we had a competent CFO
He should have seen this coming
The root of ORM's problems seems to stem from lower initial ore grades at the Barruecopardo tungsten project than anticipated, due to more complex geology:
23rd May 2019 7:00 am RNS Ormonde Mining PLC - Barruecopardo Update
" ... The initial ore feed from the northern starter pit, a small pit representing only the first few months of mine production, has returned lower grade than forecast due to localised complexity within this peripheral remnant zone; ..."
https://www.lse.co.uk/rns/ORM/ormonde-mining-plc-barruecopardo-update-bsy2gcj5aztzkd2.html
How is that the fault of its FD Paul Carroll?
I note that construction of the mine was completed in line with the Project's capital expenditure budget and broadly in line with its construction schedule (see 19th. June 2019 RNS), which supports the view that Paul Carroll as FD was doing a decent job.
For the record
I as a major shareholder will not accept Paul caroll as a board member because of his pathetic performance to date or a RTO by oriole as I don’t ever see any value is to be had from either of them
There are I believe some very savvy investors accumulating here, who recognise the immense value and terrific growth prospects.
ORM has seen some great times before - including fairly recently - and it can see them again.
E.g. from just a penny in early 2016 to over 5 and a half p in 2018.
The mining problems then emerged gradually, giving investors plenty of time to reduce their exposure accordingly, and lock-in some great profits if they'd bought cheap (like now).
Broomfielder - I would think that a RTO (reverse takeover) here is quite possible, given ORM's cash.
And as 'cash is king', this could bring in some extremely exciting assets.
Maybe digging for gold's a good idea atm
Thats the real issue for the Newbies in search of a quick buck - and I don't blame anyone for trying etc- its once you do the most basic research, they must realise that despite all the positives now in place for Orm, the guys at the helm don't seem capable of charting a safe passage in open waters never mind dodge the icebergs in todays commercially hard nosed world.
I've been hoping for a takeover of Orm for some time or a merger with a party that has a proven track record etc.
Wishful thinking no doubt.
B
Hog's having a day off, so, another of the team takes over on the pump today. See their prepared stock replies to any rebuttals.
Tradedesk
Paul caroll is still managing our $6 million
How can you expect any investor to have confidence going foreward
His past performance as CFO
Would not inspire confidence
Also the new board has been put in place by o donoghue and the carolls
I think a takeover is our only hope
Vent away, we have all had investments in the past go wrong. When you're done venting tho theres only really two options you either back the new set up and give them a chance or move on because the third option is to haunt this board for a while longer that will do little wonders for your mental well being. Seriously I'm not sure what good it does continuing to trash the main culprits who are no longer part of the set up apart from denigrating further what maybe left of your investment. There may still be existing investors here holding large paper losses, worth being mindful to them.
Tradedesk
You may forget but we victims will never forget or let it be forgotten what o donoghue and the carolls have done to our company or indeed our money and if I ever see their names on a board again I for one will be sending out warnings
Also we still have Paul caroll in charge of our $6million
And you want shareholders to forget what he has done
(Not a chance)
'mismanagement led by O’Donohue and the carolls'
Breaking news, there gone. Change the record.
Yes, he's been hard on the gas for a month now, same old rhetoric in each post, so he must have taken a fair sized bet. It's all down to the plan now as I reckon 10% man has been reducing, would be good to see a % holding update.
Hedgehog 100
You are getting very aggressive to protect the board who ruined shareholders value
If you read the reports from the company you would clearly see it was not bad luck that shareholders lost their money it was mismanagement led by O’Donohue and the carolls
Who have not got a clue how to build or run a mine everyone can see this except you it appears it is people like you I have a problem with supporting this type of mismanagement
It is in my opinion a discrace that we don’t have regulators to stop this incompetent behaviour by boards
No Keith,
You are one of the myriad of retail investors who can't take responsibility for their own losses, and instead seek to blame others, boring everyone to tears with their incessant whingeing.
Mining development is very risky, and it won't always work out.
It's easy to be judgemental about what can just be bad luck.
If you deal in facts, then you should recognise that AVM multibagged when ORM's new head Jonathan Henry was FD/CEO there, and applaud him for a job so well done.
Jonathan Henry was appointed Finance Director of Avocet Mining (AVM) on 2nd. December 2002:
https://www.investegate.co.uk/avocet-mining-plc--avm-/rns/director---senior-mgt-change/200212020700014806E/
He was then appointed Chief Executive Officer of Avocet Mining (AVM) on 12th. July 2006:
https://uk.advfn.com/stock-market/london/avocet-mining-AVM/share-news/Directorate-Change/16098821
And he resigned as Chief Executive Officer of Avocet Mining (AVM) on 29th. April 2010:
https://uk.advfn.com/stock-market/london/avocet-mining-AVM/share-news/Announcement-of-Chief-Executive-Officer-Succession/42582522
Hedgehog 100
I have reported you to the LSE for insulting me by calling me a liar
It’s funny the truth allways hurt
I deal in facts not fantasy like some
Keith,
The one posting nonsense is yourself.
It's a fact that Avocet Mining (AVM) was one of the star performers of the noughties, and that ORM's new Executive Chairman Jonathan Henry was AVM's FD or CEO for most of that period.
So please don't tell lies by saying that he's useless, just because you want to buy back in more cheaply.
I am in no way connected to the board, but I can appreciate a huge success when I see it.
This is the opportunity to be in at the start of what could be an extremely exciting growth story.
Hedgehog 100
Now I know you are connected to this board
Another (moneymore 2)
The only one insulting anyone is you with your nonsense postings
Keith,
I have reported your post to LSE for being insulting.
And the fact that you're having to resort to insults suggests that you've lost the debate.
Hedgehog100
You are full of the perverial
Note that Jonathan Henry is an Executive Chairman, not a non-exec. Chairman: that's a sign that he intends to have a very hands on role here.
Also note that the company intends to start rebuilding in the short term, so they will not be hanging around:
10th Feb 2020 7:00 am RNS Directorate Change
" ... Assuming completion of the Proposed Disposal and their subsequent appointments, Tim and Richard, together with Mr. Jonathan Henry, who will move from non-executive director to Executive Chairman, will provide Ormonde with the appropriate leadership, governance, experience and strategic direction as it targets a new phase for the Company, focussing on the creation of value from its current assets, together with pursuing growth through M&A, supported with the cash proceeds from the Proposed Disposal of €6 million. ...
It is our intention, in the short term, for the new Board to work together with executive management to build a fresh and exciting vision and strategy for Ormonde, absolutely focused on value creation for shareholders including, if appropriate, through the pursuit of M&A opportunities." ..."
https://www.lse.co.uk/rns/ORM/directorate-change-hppvgwekywz8xlb.html