The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Looks like the tail wagging the dog over on TSX. Big volume for them so early in the day.
Just where is this stock coming from?
News soon then as TSX always seems to move before LSE... I wonder if that's the canadian connection lol!
The cash burn is staggering. $3m a month and no drills are turning.
What in earth are the spending it on?!
"there is simply no desirable outcome from kicking Scott out at this point in time."
Well, there is 'no desirable outcome' likely at the AGM for them unless they deliver something meaningful.
I've said it before, I'll say it again. No management team would expect to get through the upcoming AGM based on the last 12 months performance. So my guess is they have something up their sleeve and we'll hear soon. Sorry for the negatively, but they've burned close to $70m and I'm struggling to see what they've delivered shareholders for that money??
I want to be positive ... but they've done nothing to try and be positive. They've turned the business into a struggling minnow when we were looking pretty strong indeed before they came along.
The sp was 3 x higher for starters. And we had less shares in issue... nevermind the bonus options.
There's nothing Scott can tell me in a phone call that is going to change my mind on him or CGP guys. Zilch. I know this based on the info he imparted to you. All fluff and no substance.
They need to deliver something of substance or they are going find out the hard way imho. I think they know what's coming so I'm expecting decent news soon.
Might not take much to get my vote but it has to be something meaningful. Not some regional pony deal on their old CGP exploration junk.
Lets have some news Scott on what you've delivered shareholders for that whopping $67m spend. Lets ave it!
Forte, I am not sure what changed in you, but perhaps instead of vomiting negativity on a BB you could pick up the phone and talk to Scott himself, ideally before the AGM, then you could at least developed a more balanced view.
None of us likes to wait any longer, however there is simply no desirable outcome from kicking Scott out at this point in time.
DBW... they've spunked $67m. The cash pile was $85m. Cash at Sept 30th was $22.9m. That's likely down to $18m now.
Cut costs??? Yes... but at what cost? It's cost more to cut the flippin costs and we've had zero exploration thrown in compared to previous years.
Sorry if I am doing a Bozi... and just bashing the company while holding all my stock but that's how it is. Makes no sense at all to pi55 on ones own shoes but as Bozi and Orpherncopper have proven... it can be done if you wear wellies.
Oh, and I'd forgotten about the disastrous funding attempt (thanks for reminding me Eloro). What a bleedin' mess that was.
Fwiw, my own view is that there people on here who have completely underestimated the scale of the task Caldwell took on.
The company was clearly riven with division, it's cost base was completely out of control, DC had proved himself to be useless and our main shareholders were still unsupportive. Clearly something had gone badly wrong in Ecuador - how else did we manage to lose $4m to fraud? A lack of senior management in-country meant our relations with the government were taking too long to deliver what we needed, and it appeared we employed every Ecuadorian within a 100 mile radius of Cascabel. We knew we had a great asset, but we had no real idea of what we were going to do with it and, as a result, kept having to go back to the drawing board.
Fort keeps banging on about management snouts in the trough, but the previous regimes took the concept to a whole new level. The business was a total mess and Caldwell is having to sort it out and deserves to be given another year.
fort ….. i couldn’t disagree more. costs have been cut and we’ve gotten down to the business of getting this thing sale ready. the sector in general has been decimated. getting licenses, agreements signed doesn’t excite the market but is exactly what we need. scott takes a pitiful salary for a ceo and will only make serious money by massively increasing the share price here. he’s not living in a third world **** hole for fun. he’s there to get the job done so we can get this sold .
You can't destabilise a train wreck. It's already destablised.
I know what you are saying but you are falling into the same trap and you need to realise that these guys will leap into action if their apple cart is turned upside down. So vote them down and watch what they do. You'll be suitable surprised imho. You'll soon see them achieve something as they want their plans messed up one bit.
There's no way BHP will vote for them. No way Newmont will vote for them. I reckon they'll be looking at 60%+ votes against in 4 weeks time.
They need a rabbit out of the hat big time. There's still time. Noboa takes over on Nov 26th. They've got about 11 days left with Lasso to get anything outstanding signed or else they are into new gov discussions. Mmm!
To be fair Fort, the spiral started with DC and his failed funding attempt. Its been down hill ever since.
DBW... I disagree. The market is voting them down already. I think if you vote them in, you'll see the sp crash further.
The market has no faith in ths management team. And lets face it... they did zero at CGP... they were just baby sitting that shell while waiting for their SOLG payday that didn't arrive.
I've seen nothing to change my mind on them. They have under 4 weeks now to show my something that suggests they know what they are doing. Fail to do that... and it's time they moved aside.
Perhaps the market will get excited that at last something might actually happen with SOLG? It's been a spiral downwards ever since they arrived.
Add ….. reckon everyone has their own agenda. Seems to me a few here may no longer be invested and looking for a low re entry. No right minded investor would look do destabilise things now
Fort, I am leaning back towards not voting for them. I don't see how they will meet the Q1 phased plan if the work hasn't started as yet. This plan was meant to persuade potential buyers that having a huge upfront capex wasn't mandatory.
Fort, I am leaning back towards not voting for them. I don't see how they will meet the Q1 phased plan if the work hasn't started as yet. This plan was meant to persuade potential buyers that having a huge upfront capex wasn't mandatory.
Eloro, absolutely. It would be complete madness to boot him out.
I should add.... they have an opportunity to earn my vote. Show me something pre AGM that I can vote on.
Not hard is it?
In absence of presenting anything meaningful to shareholder pre Dec 13th... I'm voting them all down and I can tell .. I know alot of people who are doing the same. They had their chance. They failed to deliver. There are plenty of experienced people out there ready to come in and get the job done on selling this asset.
“That's the problem... too many pi's out there not willing to take their chances on a new team and that time is approaching.”
We’ve taken our chances on a new team 3 times now …. Maybe some stability would be preferable this time. Unseating the board now would inevitably leads to more market jitters.
You know that ….. is that what you want ?
And what would you do Eloro? Faced with voting them in again? Would you vote them in next yar based on deliver zero and an sp of 3p?
That's the problem... too many pi's out there not willing to take their chances on a new team and that time is approaching.
What's the worst can happen? Remember... Maxit , Bob et all want the same thing. They need an exit. So faced with being pushed out of control... what do you think they'd do to save themselves? I think you'd soon see a deal materialise if you voted them all out. It's called self preservation. They'd have no choice... so force their hand. Vote against them.
Add, do still think Scott should be voted for?
I would not be happy if come next year this time we are still no further along.
Fort, your now making all the same noises as the people you have repeatedly attacked over the last 12 months for making the same points...
The promise of a Q1 PFS 2024 is just the usual carrot fluff stuff which I think they expect shareholders to vote them in on. If I remember correctly, it took about 6 months to take all the data and then get it build it into the last PFS.
How abotu Scott puts a resolution forward at the AGM which says... if I don't get a PFS done in q1 24, then I'll lose all my 17p options?
Sounds fair doesn't it?
"2024. Management intends to raise financing prior to June 2024 in order to maintain a strong cash position..."
So no sale in 24 H1 then, that tells me. In fact, probably no nothing is my guess.
I don't even see the PFS being done by 24 Q1 either.
Hmm.
I have to agree with Fort. It's hard to see why we should vote for this current lot.
969
:)
It will be interesting to see where the cut off points are for Copper for MRE4.
Sounds like this will be used for financing as I suspect the 0.16% cut off didn't quite cut it.