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Why would they want to open up a discussion about remuneration? I wonder if JP is going to buy something nice with his $191,000 bonus? Get the this year's AGM out of the way and then we can focus on how much his bonus is going to be next year! I know it is a radical suggestion for the SML BoD, but maybe have a few (success) targets? Peeps will probably still be asking about the impending news/cashflow from LCCM when we get a JV and the BoD will tell us how much work is going on behind the scenes at Redmoor and that we remain hopeful of getting a few quid out of the arbitration process. See you at next year's AGM unless I've offloaded my shares at 0.6p....
You can instruct HL how you want them to vote on your behalf.
From the HL website:
if you wish to vote without attending the meeting you can send (by secure message or post) a voting instruction to Hargreaves Lansdown and your vote will be forwarded to the company.
TarryBreeks - I completely agree with that post about the AGM. But I imagine they will say they need to meet important financiers/auditors/lawyers or the like - or the company rules say AGM must be in London.
I've not been keeping up with what is being allowed at AGM but all details are here
https://drive.google.com/file/d/1TOr56r-ZwwI1yv7jfL2xXR85NU3zgyJR/view
Only 2 shareholders required for quorum and being supplied by company. All other votes by proxy. I own over 7 million shares but have no vote - as help by HL.
There are 5 resolutions and nothing about remuneration.
Why is the AGM in London if no shareholders can attend? Given both Peters and Broome will be flying internationally (first class?) and unlikely to be staying at the Premiere Inn is this just another shareholder funded jolly?
Given the circumstances the very least the bod could do is to make it a virtual AGM using teams or similar and open themselves up to scrutiny and unfiltered questions particularly given their self awarded (obscene) remuneration and sp decline.
I thought we would have had an RNS this morning to say the dirty little piggies have removed their snouts from the trough and were paying back their ill gotten gains.
I was wrong looks like they are going to ride it out,after all AB is not going to ask JP any difficult or uncomfortable questions at AGM.
Indeed, DV, the two money-trough hoovers’ misjudgments and subsequent misleading of investors on how projects and obtaining money from the major Cobre customer were supposed to be progressing deceived us all - and, as for JP’s returning his bonus, no chance: easy money for failing upwards that becomes pseudo-morally self-appeasing by buying with it shares on the open market to hoodwink PIs that he’s risked it with his own hard-earned cash. Never before has one witnessed one’s stock precipitously fall to a rocky bottom - from hero to zero; get PW in to take this company to where it should have been by now.
If Peters and Broome would just get their snouts out of the trough for a couple of minutes they would see that the confidence and faith of LTHs in the BoD is at all time lows (only short term 'traders' are here to see if they can snaffle a quick 10%). What are the BoD going to do to restore our faith? An act of contrition at the AGM? e.g. Peters refusing to accept that grotesque bonus which is complete unearned and undeserved? Broome resignation on the basis of poor decision making based on conflict of interest? Oh, how I wish we could have been at this year's AGM.....
Those two guys must have looked each other in the eye last New Year’s Eve and said “what a great year that was!”. The proper thing for the directors to do In my view would be for them to pay their bonus money over to an escrow account drawn upon for specified Company/project disbursements only. That’s the only way sentiment in the bid will be restored IMO.
Jd, Splendidly put - how do JP and AB sleep well at night after misleading investors? PW is the only person with moral substance in that BoD.
I would be content to write to both the Manners and the AIM regulatory body about said glaringly obvious conflict of interest.
Great post JD; explains why JD is so happy on all his interviews.
Spot on JD. Situation leaves a mighty stench (PW excluded). Not sure who is worse, Broome or Peters, both feathering their own nests at the expense of (loyal haha) LTHs.....
AB (chairman) sets and awards JP’s bonus. Conflict due to the situation spelled out below. My understanding;
AB says major client (Ponzi scheme FFS) is good for it after meeting a fraudster. AB has a vested interest in stating this position - as AB has/will profit from selling Red. through his stake (down stream) in the company divesting the asset.
Background: JP agreed Red. price and payment terms with seller. Conflict straight off the bat. What with AB influencing both ends of the transaction.
No surprise, final Red. payment is made / should have been reconsidered due to Cobre rev. income risks. And in return for going ahead - AB awards JP a fat bonus. You scratch my back / I will scratch yours. Looks bad.
You can’t have such conflicts. Even if everything was / is above board. The optics suck.
JP should not be getting a bonus as performance has been poor. Period. And the quicker AB goes - the better.
Got no doubt - AB put in JPs bonus criteria - full ownership of Red (conflict!) to be completed and LC to produce some product. Another conflict as AB introduced LC from what i understand.
Yes he is avoiding tax.
I never realised that JP is the only director for at least 3 years to actually get a bonus, over those 3 years he has had 453,000 in bonuses. I'm sure it was stated at some point that they would all take a pay cut in 2019, yet JP managed to come out with 25,000 more than he did in 2018.
One thing I've never got my head around is the directors salary figures, JP's salary for 2019 was only 13,000, but the consultancy fees he got for 2019 were 173,000, so does he invoice SML as an individual for his consultancy fees ??
Just picture Alan Broome grilling JP about their failings and smiling and grinning at each other over their Renumeration and bonuses .
AB. John how has 2019 been for you and Strategic minerals?
JP. Not so good for SML but I am frigging delighted,could not have envisaged so much money for being a truth spinner and abject failure.
AB. John you took the words right out of my mouth .
Freaky, Thanks - I’ve completely missed that one.
AB, really - a cushty number when you can ask, in effect, ask your own questions.
No one. They have decided the chairman the infamous Alan Broome of multiple loyalties will represent us.
"Shareholders are requested to appoint the Chairman of the meeting as his or her proxy as any other person so appointed will not be permitted to attend the meeting. Shareholders are encouraged to submit any questions that they may have to the Company by using the "Contact Us" tool on the Company's website ( https://www.strategicminerals.net/contact-us.html ) and the Company will seek to answer these, where possible, as part of the Chairman's comments at the AGM."
Who’s going to represent us?