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I will be the first to admit that I have criticised Nick in the past.
The hard reason was the way he alienated major shareholders...
The soft reason was 'shock and awe'...the blizzard of RNSs that eventually left the market numb; the CG failures (in conjunction with Twigger); and the constant over promising and under delivering...
However...
While I complemented Darryl for bringing a clearer focus when he was appointed; and an apparent commitment in meeting target dates, he has, on balance, been an unmitigated failure.
There has been a lot of speculation as to why Ingo and Ayten left, but the fact is that he 'lost' his acting CFO (and Corporate Finance Executive specifically charged with funding Alpala); and his newly appointed CFO, coincidentally around the same time as a failed fundraising which has undoubtedly had a deleterious effect on the share price.
He has been awarded a $600k bonus, despite not only delivering nothing that Keith and Nick couldn't have delivered, and also despite a destruction of shareholder value which saw the SP fall from 35.55 to 12.95 (64%) in just over three months (May 13 to Sept 28), having been on a steadily rising trend for the previous month from May 9 which had taken the SP UP 41%.
That destruction amounted to over £500 MILLION equivalent to £22,000 for anyone holding 100,000 shares...shocking!
This was immediately following the calling of an EGM to massively increase Directors and Executive remuneration which resulted in his undeserved bonus after a mere 6 months in post...
So I am confessing to a change of heart in exhorting PIs to support Nick in the forthcoming AGM (if we get that far).
Under DC's leadership, this company has become cannon fodder and its only a matter of time before a takeover battle ensues.
Nick, together with his related holdings (DGR, Tenstar...) also lost over £65 million during the same carnage.
Whilst of course he has his own interests at heart, he is our only hope to get the best possible deal and put an end to the almost ceaseless misery and frustration of the last year or so.
Because he personally has so much at stake I am confident he also has our best interests at heart.
All views welcome...
Apologies...June 13 to Sept 28...
Good grief another about turn by Redknight and thus supporting my argument. NM because of his holdings in DGR, Tenstar and in his own name holds the keys.
Who knows in ten years time he may understand this is part of the diverse book argument.
Joking aside, he is correct on this.
Whatever your belief on a takeover or production or something else.
We should all give NM our support.
I will go one step further and say Redknight is wrong on Darryl and we should also give him our support, because if he pulls off the CGP deal, this dilutes BHP and NCM and again whatever you believe can only be good for long term prospects.
All the best.
RK, I sort of agree with you, but would make the following observations:
NM lost track of what this company should be about and he did us no favours by pursuing the production rhetoric.
It's clear he has many detractors in the industry and it's equally clear he went out of his way to fall out with our main shareholders (people will have their own views as to wether that's a good thing or not)
He appeared to get struck by an unappealing degree of hubris.
His performance at his last agm as ceo was lamentable, but then again so was Twigger's.
He made a huge mistake by bringing BHP onto the register.
We don't yet know what DC is going to deliver. Should it lead to the delivery of shareholder value I suspect your opinion may change.
I'm not so sure it's that easy to judge who is the best of these two and only time will tell.
Morning Red / Add
Personally I think NM is our best bet here. Masses of skin in the game makes him more aligned with us than anyone else. In my opinion the merger had Nick’s fingerprints all over it and probably took a very long time to put in place ( hence Irwin’s extended and uncharacteristic silence). None of this would have happened unless there was an end game in sight.
Given the time constraints of the AGM and the need to deliver PFS addendum plus MRE2 beforehand, I’m amazed we haven’t had any news re funding and the form it’ll take. This could drop at anytime now ATB DBW
DBW, I certainly agree with you with regard to skin in the game. As you know, and to put it politely, I'm very disappointed DC hasn't put his hand in his pocket. Equally, his remuneration borders on the scandalous.
I’m thinking he’s way more vulnerable than Nick at next AGM….. but that can all change in an instant with the right news/progress….. he did seem ultra confident on funding
It's CGP's and Mather's show post merger and AGM. Darryl was brought in to get the PFS sorted on a credible level with industry experts on his side. PFS2 now looks like an inflation nullifier. It's not going to add $400m+ as planned. More likely to cover off the $400m increases via inflation.
But that's all good as any buyer knows that inflation is a short term issue and will be long gone by the time Alpala enters Development Capex phases circa early 2025.
I think Darryl's expertise has been more than useful and Porvenir PEA could be quite exciting - it might even look like a 25% sized version of Alpala but easier to mine with lower Capex and faster ROI. I fully expect Porvenir to follow in foot steps of Lundin's Mirador and deliver production revenue well before Alpala. But that's a story for another company as SOLG will be sold soon. And once the strategic review results has been revealed, I fully expect Darryl to walk or be pushed as he's no longer needed. It becomes a CGP / Mather show there on. And those boys want nothing less than 80p+ imho. We might see two deals, one for Alpala circa 65p and Porvenir/rest of folio for 20p to 25p to Valuestone/lundin group/coldelco etc (the southern folio).
Ey ooop Something stirring here ? just moved over 17p ;))
Is that all the Gaps filled now ??
Onwards and upwards, 23p and then the start of hopefully good news..
11 trade gla onwards and upwards two bits of news maybe let's see
Bubble, If I earnt a £1 every time you....
I'd have £67 now ;))
£68 comon get with it novice :):):)
If only we could have some of that cineworld type action here soon !
Miss Golightly we need some sprinkles please
Hello…. I’ve not been keeping up …. No idea anymore what’s what here these days…though I still have a significant chunk in here. I feel a little too up coming on … I always regret not doing so when at these levels.
Miss G
;-)
Colone...you're doing it again with an unsubstantiated opinion...
"Darryl was brought in to get the PFS sorted on a credible level with industry experts on his side. "
"I think Darryl's expertise has been more than useful..."
He has NO directly relevant experience for the things you are creditinbg him with.
Read his LinkedIn entry...
https://www.linkedin.com/in/darryl-cuzzubbo-850775b6/details/experience/
You're also forgetting that the Alpala Committee was established specifically to "get the PFS sorted", led primarily by Keith, Nick and Ingo, together with Leah who, when the job was finished was sacked...by Darryl...
These are some of his key roles:
"Responsible for establishing a common framework, standards and leading practices covering the management and engagement of contractors that work across BHP Billiton."
"Successfully standardising processes, data and organisational roles across BHP Billiton through one SAP system"
"He was made redundant from Orica in 2020 where his last three roles were:
Vice President Coal
Group Executive & President, Australia, Pacific & Indonesia
Chief Manufacturing Officer
Hew was then out of work for 14 months...why?
I would imagine if you're earning the dosh these guys do , you can afford to say fk it , I'm taking a year out. Who really knows?