Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Hope GR has a good litigation lawyer lined up...
Starks must compensate for not delivering on their contract ...
Go get em Roach...
PREM will never see a penny from Stark, the process would take years, years that PREM cannot afford. Judging by the content of that RNS, I'd be surprised if they don't raise funds in the next week or so and call an EGM for further headroom. Bankas won't be willing to lend money on the current costings and price for sub standard product. Not looking at all good
There is absolutely NO WAY GR can avoid asking for another ton of cash before June.
Remember, he told us he had booted stark out as nothing worked, and now called in the heavy hitters.
Today he in an RNS (better written than his usual) explains that only very few things on the plant work as intended. Yeah George, you do blame a range of other parties for that, true to tradition.
George also VERY cleverly states that “PREVIOUS” cost calculations came in at $800/t at mine gate, completely avoiding to elaborate at the CURRENT cost at mine gate, now where capacity is only 1/3 of expected, but 300 staff still involved. And I can only assume he now owes the OEM technicians a ton more money, also NOT included in the “previous” $800/t at mine gate. I may have missed it, but I do not recall CanMax ever agreeing to picking up product at mine gate ???
Anyway, I see a $5m cash call landing any time now. Todays RNS was George warming up the audience for it….
Martinigirl
I agree with you, the Stark fiasco would take years to sort out, is the CEO totally blameless????
I also agree that a further EGM looks certain, another 5/10m to cross the line.
Acker
Moanygirl
you have zero experience or knowledge in this field, so what you are saying is false
and dont say you can read between the lines, cos you cant
again, you are gossiping and putting gossip in others heads
have you reported Prem to the FCA yet
Acker i hope you vote NO on the next EGM. How many times do we need to get diluted accompanied by broken promises before people oust him out?! A new experienced CEO/Project Manager would have an immediate positive impact on price. The market is tired of GR obviously. Even Mark at Stockbox laughs at his replies, jist watch his smirks when GR talks.
It doesn't matter what us investors vote, GR has enough backers to add another 100 billion shares should he like. We are the ones that have been tish on. Most people here are under water and all we can do is wait for the inevitable. GLA
Wonder what made GR pick Stark to build this... clearly their product wasnt fit for purpose yet it was chosen?... lots of lithium plants working everywhere why did we have to go through this...
i think that moanygirl is somehow tied to stark to direct all the blame at gr to try and cover their f. ups
even though it clearly states that stark are employed and paid to be responsible for the design, installation and commissioning of the plant to the design requirements, not once has moanygirl mentioned this, until now.
now all of starks f ups are showing and being mentioned, everyone knows who is to blame.
prem is a management company with no technical ability, that why they employed stark, as the professional team
since it was stark leading gr with the technicalities of the plant, that is what he relayed in the rns's and interviews. sometimes he may have got these wrong, and that why stark did an interview and promised the earth.
why employ a third party professional to oversee the works, when he has already paid for stark to do this!
he finally got that ****ed off with stark, he threw them off site.
he then employed other professionals who are now finding out what the plant issues are and they all point to stark's incompetence
canmax will see that this all lies with stark and you can bet your bottom dollar that they will be taking on board everything
Acker/Martinigirl - I agree.
My tuppenceworth fwiw is that jeopardy for holders continues. Can't see GR getting this over the line without further, substantial cash needed. Very disappointing that there is still quite a list of issues to be resolved. Very disappointing that they're not yet producing SC6 consistently with the plant running continuously and that they need an addition to the plant.
On the matter of GR - ultimately he is responsible for the mess. It was his decisions that got us here. Someone has suggested that he was too proud to seek the right help - I think the word to use is hubris. He clearly is an intelligent man but I think he set out, with the encouragement of Snowking and others, on a path that was untested. Personally, I think he would have been intimately involved with the plant design. Hate to say 'I told you so' but we would all be a huge amount richer if GR had gone for a JV with a more experienced outfit and with Prem being the junior partner.
As for Stark - yes they did 'shoot the lights out' but not in a good way and GR is still floundering in the dark.
I'd say that the odds have shifted and that current shareholders might lose out significantly if he can't make good progress in the next month or so.
I’m amazed by the comments.
GR took you all for a ride 5-6 weeks ago, when he went to new investors with discounted shares. This to fund the plant be fixed.
Today he told you that the plant is miles away from nameplate capacity.
He couldn’t have been more clear about what comes next, other than screaming it out loudly. “I need many more millions IF we EVER are to produce at viable ongoing costs”
Hot day in Last Chance Saloon….
I think you all missed the point of the RNS,production is bad ,out put is bad ,monies owed to canmex keep rising, canmex will take all production for many years ahead prem will run on a shoe string without any profit ,prem will run the mine and the plant for canmex like a management company ,shareholders will get feck all.
All stark have done is left everyone to pick up their $h!t and to rectify it
what a pathetic excuse for a cowboy company
they say you are only as good as your last job
i can see stark going out of business after this
over a year late and still a design that doesnt work
El-Gelboy
Your post has merit, I can also see a situation where Canmax takes all Zulu production in repayment of the advance agreement., however, I would limit Canmax to taking only spodumene from Zulu leaving Prem to exploit the other minerals at Zulu and receiving revenue from the Canmax/Prem venture.
Should Prem increase output at Zulu and the price of spodumene increase that would help. I must agree that on the current form, Prem has no chance of making any tangible inroads in clearing the advance payment .
Acker
Cringsing
I don't believe the CEO "conned" the shareholders, I believe production, including nameplate will be achieved.
I still believe he made an error in not asking for double the amount at the last EGM.
Acker
Acker - what's your view?
Should GR make the cash call now or later?
Steward1
I would go now and go big.
I hate having accumulating debts in the shadows. Take the plunge, the SP will be destroyed but it can quickly recover.
IMO he may move this week.
Acker
Maybe so Acker, but who in there right mind would support George ,financially to go seek other materials in zulu or the epo area after this latest disaster, his time has elapsed
I agree - he has to be really bold here. Get the pain over now. I think the recent video was a pre-cursor to a raise so he's probably already got the wheels in motion.
Really don't like where we are and really don't like cash calls but I think it's been obvious for weeks/months that he needed to go big. Make no mistake, GR has got us here... Stark had a role but it's all down to GR.
Acker - George can't go big. the AGM gave him 4.5 billion shares. he has already used up 1.8 billion on the two raises. that leaves 2.7 billion. CMC usually want a 20% discount. So that's a raise at 0.13. So the max George can raise before he maxes out the sharecap is 3.51 million. But he has to give China Zenith 1.35 million USD. So that leaves 2.51 million GPB that George can raise if he went big and maxed it out this week. That is barely a month of wages and diesel. Not including the extra costs for the OEMs.
George should finally start panicking. PREM has been a cash for him and family. but the end is finally nearing.
Jaglith - I think he'll take what he can just now and call an EGM.
Stewart - I'm sure George has already called Snowking and asked him for his vote at the EGM. I'd suggest GR asks for 70 billion shares. that would give PREM a cool 100 billion shares in issue. and that way, when George is doing placing at .01 it will give him enough shares to play with
100billion shares in issue - wtf!! that's a big number - he should think about a 10 or 100 to 1 consolidation to make it look a bit more sensible - next stop 1 trillion shares in issue omg !!