Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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4 shareholders, not the greatest of turnouts!
I went to meeting along with 3 other shareholders. 2 directors were there, Oliver and Nilesh. I requested to record the meeting so I could provide accurate quotes on discussion but request was refused by Nilesh. No info was given on who this £1m investor is and what dilution is to be expected.
As you took the trouble to attend this meeting................ But did anyone ask the somewhat obvious question as to why a company with cash and near cash assets of nearly £1 million needs another £1 million? Did anyone ask when the accounts were coming out?
Rylidan, If everything is fine and dandy, why the cloak and dagger routine, and why won't the company release it's accounts.
Many thanks Toffee for sharing. Unfortunately I was unable to attend yesterday, but you describe what I thought was the position. Sadly there are many around with other motives. To liquidate the company now, does seem like madness, which is all the shareholder group seem intent on doing.
Yes, seems a bit suspect to me. Although if it was board I would have expected a better argument than we should vote no because of the strength of their conviction. That was why people bought into it in 1st place and look where it's gotten them. I have a reason to vote yes, board have proven themselves to be utterly incompetent and untrustworthy!
...........Is FOR all the resolutions. The board has misled people here for months. THE BOARD HAS FAILED, NO EXCUSES. Oli & co are famous bullszhitters. WHY DIDN'T THEY EXPLAIN THEIR POSITION TO ALL SHAREHOLDERS. WHY HAVEN'T THEY MADE THESE DOCUMENTS AVAILABLE TO ALL SHAREHOLDERS. DID OLI SHOW YOU THE ACCOUNTS TOFFEE, AND IF SO, WHAT DID THEY SHOW THIS ALL FKING STINKS, END OF STORY. THE ONLY SENSIBLE VOTE IS FOR ALL THE RESOLUTIONS. DO NOT BE SEDUCED BY MORE INSIDER CHICANERY.
Forgive my cynicism, but a post supporting the BOD from a new user with no posting history doesn't carry much weight with me....
Hi Toffee, Thank you for your reply much appreciated
Hi Milliano, I was there yesterday. We were met with Nilesh and Oliver. One person there within attendees who was part of the Teaholders group. Session lasted an hour and 45 before winding to a natural close. Like the lady in attendance, i was surprised that Jason Drummond wasn't there, but apparently he was not able to be in London yesterday. Oliver and Nilesh came in with various docs in hand showing the background of correspondence, to demonstrate the volume of work that has been put into seeking a viable way forward. I went in with an open mind (though inclined towards supporting the board if they could give reasoned explanation of how we got here, and what the response had been since suspension.) Just speaking for myself, but I left feeling optimistic that the bod have been working hard on a range of what were considered to be viable options for rto's, but ultimately it seems like the change in aim regs towards investment companies has been a major obstacle. Nonetheless, there were positive indications that, as per the circular, there are Heads of Terms with a new heavy weight investor who wants to harness the teathers brand and the app, and package this up in a form that can be relisted over time And, that whilst this would be dilutive for us obviously (no percentages were disclosed), Oliver and Nilesh believe that offers the best option to enable the business to return over the medium term. Each to their own in terms of decision making ,but I'm going to stick with them on this and vote against the proposals next week. This was always a speculative one for me (though not insubstantial), but the app pilot worked with Shard as a proof of concept, and Oliver alluded to a whitelisting contract being in the background, as well as the Canadian prospect. Also noted that Oliver and Nilesh haven't been drawing fees since suspension, and cost control has been managed by Nilesh. As today seems to be the appropriate day for it, I encourage all to vote after careful reading of the issued circular on the teathers webpage. My mind is made up by the strength of conviction in the app, and the feel that the prospects of realising value in the app is best served by having the existing team deliver on what they set out to do, with some further patience granted. I have been a silent reader on these pages since the buttons days/inception of Tea (and so am thankful to all who contribute to the knowledge and debate for the lazier of us) but always amazed at the level of vitriol that some folk generate, given that this is AIM, not for the fainthearted, and there is always the risk of questionable motives. (Ps. Sorry Milliano, i only registered on LSE yesterday afternoon, tried to pen this yesterday in direct reply to you on my mobile, only to then find out that I wouldn't be able to post messages until 8am today according to LSE's pop-up message. Doh.)
Sorry the 28th i will be there. Lets just prey we can do it, Ben and the action group are doing a fantastic job, and is requiring a lot of time and effort, A big thank you from myself we all appreciate the hard work you have put in.
Yeah and with oli tweeting "Thank you to the shareholders that came to see us today and backing the board after hearing what we had to say. #VOTEAGAINSTRESOLUTIONS"
It is abit strange you would have thought somebody would have posted something.
Don't know how that posted twice, I wasn't reiterating the point lol
All a little odd with nothing on any of the forums or on Twitter.
I am going on friday and will be meeting Ben there. I really do hope we succeed i think the action group maybe struggling with some of the votes cos the brokers may be slacking alittle bit. fingers crossed though, the good should prevail.
All a little odd with nothing on any of the forums or on Twitter.
We had people representing us at this meeting and we are told nothing,maybe a few back handers were exchanged.
Looks like everyone that went are keeping things to themselves 😂
Did anyone go?
Friend: thank you for you to defend yourself and everyone's right to fight.Even if have little cash back is also a victory! My Email :caoxingling2009@gmail.com If you have good news, please let me know! THANK'S A LOT
No I cant make it - worth noting that the venue has been changed last minute by Nilesh : new venue will be 2nd Floor 2 London Wall Buildings London EC2M 5PP
anyone going?
I know that personally I need to salvage something from this train wreck - If the App has any value then would want to see the best price for it.
Let's have the cash and near cash distributed to shareholders and, if he's so keen on the app, maybe our '£1m investor' might want to make us an offer for it...